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Incorporated Societies Act 2022

Administration of societies - Committee and officers - Conflict of interest disclosure rules

71: Effect on third parties

You could also call this:

"What happens to people who buy things from a society that's been cancelled"

Illustration for Incorporated Societies Act 2022

If a transaction is avoided under section 68, it does not affect your title or interest in property you have acquired. You must have acquired the property from someone other than the society. You must have paid valuable consideration for the property and not known about the circumstances of the transaction when you got it.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS100948.

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70: Onus of proving fair value, or

"Proving a deal is fair when someone in charge benefits from it"

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72: Application of provisions in case of certain payments, indemnities given, or insurance provided, or

"When rules about payments or insurance don't apply to some people"

Part 3Administration of societies
Committee and officers: Conflict of interest disclosure rules

71Effect on third parties

  1. The avoidance of a transaction under section 68 does not affect the title or interest of a person to or in property that the person has acquired if the property was acquired—

  2. from a person other than the society; and
    1. for valuable consideration; and
      1. without knowledge of the circumstances of the transaction under which the person referred to in paragraph (a) acquired the property from the society.

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