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Incorporation information

— filed under:

1. Who may apply?

A building society may be established with a minimum of 20 members.

 

2. What must be filed?

  • An application using Form 1 of Schedule 1 of the Building Societies Regulations 1989 signed by the intending secretary.
  • A copy of the rules signed by not fewer than 20 members and the intended secretary or other officer (that meet the detailed requirements of the Building Societies Act 1965).
  • A rules check sheet regarding compliance, using Form 3 of Schedule 1 of the Building Societies Regulations 1989
  • The registration fee of $270.

 

The foundation share requirement must also be met.  This means that 20 members must be issued shares of at least $1,000 each.  Issued foundation shares must exceed $200,000 in total and members must have paid in full, in cash, for those shares. 

 

3. Are there any name restrictions?
 

  • The name of a building society cannot be identical to or confusingly similar to another building society or other body corporate established or registered in New Zealand under any statute, be contrary to the public interest or be undesirable.
  • A building society must use only its registered name or an abbreviation approved by the Registrar.

 

4. What fees are involved?

There is a registration fee of $270 to apply to incorporate a new building society.

 

5. Where are applications to be sent?

Applications must be sent to:

The Registrar of Building Societies
Private Bag 92061
Victoria Street West
Auckland 1142

 

6. How long does it take to incorporate a building society?

A new building society will normally be incorporated within 24 hours of receipt of the application.

 

Last updated 31 July 2012

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