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Incorporated Societies Act 2022

Removal from register, amalgamation, liquidation, and other processes - Liquidation - Members may resolve to put society into liquidation

209: Application of Companies Act 1993 where members resolve to put society into liquidation

You could also call this:

"What happens when a society is closed down and some company rules apply"

Illustration for Incorporated Societies Act 2022

When you decide to put a society into liquidation, some rules from the Companies Act 1993 apply. These rules are found in Part 16 of the Companies Act 1993. You must follow these rules as if the society were a company being liquidated under section 241(2)(a) of that Act. When you read Part 16 of the Companies Act 1993, you need to replace some words. You replace "the board of directors of the company" with "the committee of the society". You also replace "a shareholder of the company" with "a member of the society" and "the Registrar" with "the Registrar as defined in section 5". This rule is part of the Incorporated Societies Act 2022 and you must follow the rest of this Act, especially subpart 5, and the regulations when you put a society into liquidation.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS101105.

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Part 5Removal from register, amalgamation, liquidation, and other processes
Liquidation: Members may resolve to put society into liquidation

209Application of Companies Act 1993 where members resolve to put society into liquidation

  1. Part 16 of the Companies Act 1993 applies to the liquidation of the society under section 208, with all necessary modifications, as if the society were a company that had been put into liquidation under section 241(2)(a) of that Act.

  2. For the purposes of this section, a reference in Part 16 of the Companies Act 1993 to—

  3. the board of directors of the company must be treated as a reference to the committee of the society:
    1. a shareholder of the company must be treated as a reference to a member of the society:
      1. the Registrar must be treated as a reference to the Registrar as defined in section 5.

        1. This section is subject to the rest of this Act (see, in particular, subpart 5) and to the regulations.