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Incorporated Societies Act 2022

Removal from register, amalgamation, liquidation, and other processes - Amalgamations

205: Amalgamated society may present certificate about property of society

You could also call this:

"A combined group can get a certificate to prove they own something."

Illustration for Incorporated Societies Act 2022

You are part of an amalgamated society. This means you are a group that has joined with another group. If your group gets financial products or property from another person, you can get a certificate. This certificate says the products or property now belong to your group. You can give this certificate to the person who had the products or property. They must then update their records to show your group as the owner. The certificate is important because it helps sort out who owns what. It is based on rules from the Financial Markets Conduct Act 2013, which explains what financial products are.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS243820.

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Part 5Removal from register, amalgamation, liquidation, and other processes
Amalgamations

205Amalgamated society may present certificate about property of society

  1. This section applies if—

  2. any financial products issued by a person (A) or any rights or interests in property of a person (A) become, under this subpart, the property of an amalgamated society; and
    1. a certificate signed on behalf of the committee of the amalgamated society is presented to A, stating that those products, rights, or interests have, under this subpart, become the property of the amalgamated society.

      1. Despite any other legislation or rule of law, A, on presentation of the certificate, must register the amalgamated society as the holder of the financial products or as the person entitled to the rights or interests.

      2. This section does not limit section 204.

      3. In this section, financial products has the same meaning as in section 7 of the Financial Markets Conduct Act 2013.