Plain language law

New Zealand law explained for everyone

Incorporated Societies Act 2022

Removal from register, amalgamation, liquidation, and other processes - Other matters relating to removal or liquidation of society

222: Direction to defer disposal of surplus assets

You could also call this:

"Waiting before getting rid of surplus assets when a society is removed"

Illustration for Incorporated Societies Act 2022

You can be part of a society that gets removed from the register. The Registrar can tell you to wait before getting rid of surplus assets. This is so people can try to put the society back on the register. The Registrar can decide how long you have to wait. They can also change or end the waiting time later. If some assets were already gotten rid of properly, you will not get them back. The Registrar makes these decisions to help figure out if someone wants to put the society back on the register. They also want to give the society a fair chance to get back on the register before assets are gone. This helps the society and its people.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS538751.

This page was last updated on — View changes

Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rules
Previous

221: Directions to facilitate liquidation or removal of society, or

"Registrar's directions to help close or remove a society"

Next

223: Disposal of surplus assets ceases if society is restored to register, or

"What happens to surplus assets if a removed society is restored to the register"

Part 5Removal from register, amalgamation, liquidation, and other processes
Other matters relating to removal or liquidation of society

222Direction to defer disposal of surplus assets

  1. This section applies if a society has been removed from the register.

  2. The Registrar may direct that the disposal of the surplus assets of a society, and any other action under this subpart, must be deferred if the Registrar considers that a direction is necessary or desirable for either or both of the following purposes:

  3. ascertaining whether any person is likely to make an application to restore the society to the register; and
    1. giving a reasonable opportunity for a society to be restored to the register before its surplus assets are disposed of.

      1. The Registrar may—

      2. specify any period of deferral that the Registrar thinks fit; and
        1. by a further direction, extend or end the period of deferral.

          1. Nothing in this section requires the return to the society of any surplus assets that have already been properly disposed of under this subpart before the direction is made.