Building Societies Act 1965

Miscellaneous provisions

126: Effect of cancellation or suspension of registration

You could also call this:

"What happens when a building society's registration is cancelled or put on hold"

If a building society's registration is cancelled or suspended, it stops getting the benefits of being a registered society under the law. This happens from the moment the cancellation or suspension starts. For a suspension, this lasts as long as the suspension does.

Even if a society's registration is cancelled or suspended, it still has to deal with any responsibilities it had before. People can still hold the society accountable for these responsibilities, just as if the cancellation or suspension hadn't happened.

You can appeal against a cancellation or suspension decision if you want to.

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This page was last updated on 15 April 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM372389.

Topics:

Money and consumer rights > Banking and loansHousing and property > Buying and selling homes

125: Cancellation of registration at request of society, or

"How to ask for a society's registration to be cancelled"

127: Provisions as to shares held jointly, or

"Rules for when people share ownership of building society shares"

Part 9Miscellaneous provisions

126Effect of cancellation or suspension of registration

Subject to the provisions of this section and to the right of appeal under section 124, where the registration of a society is cancelled or suspended under that section, or is cancelled under section 125, the society shall, as from the time of the cancellation or suspension and, in the case of a suspension, so long as the suspension continues, cease to enjoy the privileges of a society under this Act.
This section shall have effect in relation to a society without prejudice to any liability actually incurred by it; and any such liability may be enforced against it as if the cancellation or suspension had not taken place.

Compare

Building Societies Act 1962 s 115 (UK)