If you break a rule in the Building Societies Act 1965 and there’s no specific punishment mentioned for that rule, you can be fined. The fine can be up to $1,000. This applies to both building societies and individuals who don’t follow the rules in the Act or any regulations made under it. You’ll only have to pay this fine if you’re found guilty of breaking the rule.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM372505.
Every society or person who commits an offence against this Act, or against any regulations made under this Act, for which no penalty is provided elsewhere than in this section is liable on conviction to a fine not exceeding $1,000.
