An industrial and provident society may have its registration cancelled, or it can be dissolved or put into liquidation.
The Registrar of Industrial and Provident Societies may cancel a society’s registration at its request, if the society was registered improperly or if the Register has reasonable cause to believe the society has ceased to exist.
The Registrar then gives public notice of the cancellation or intended cancellation, as the case may be. Public notice is given in the New Zealand Gazette and a newspaper circulating in the area where the society has its registered office.
A society may be put into liquidation by:
- the appointment by the High Court of a named person or the Official Assignee as liquidator, or
- the appointment of a named person as liquidator by resolution of the members passed as for a resolution under section 241(2)(a) of the Companies Act 1993.
In either instance, the procedures of the Companies Act 1993 then apply to the liquidation. A liquidator must be a licensed insolvency practitioner.
Where a society is terminated by an instrument of dissolution the following documents must be sent to the Registrar:
- an instrument of dissolution signed by three-fourths of its members
- a statutory declaration made by 3 members and the secretary that the provisions of the Act have been complied with.
The Registrar then gives public notice to the effect that if no proceedings against the society are made within 3 months, the society will be dissolved. Proceedings to set aside the dissolution of the society is made to the District Court and notice sent to the Registrar.
Public notice is given in the New Zealand Gazette and the newspaper circulating in the area where the society has its registered office.