Last night the Incorporated society Bill was tabled in Parliament 'In Committee' stage. A Supplementary Order Paper (SOP) was submitted having three (3) necessary changes to the bill. All of these changes were debated and then passed by the house unopposed – which is great news and in some cases will make many of our lives are less tedious.
1/ Consent to become a member (Body Corp ) "clause 72 of the bill, currently, requires that the body corporate's consent to joining be confirmed by two of its directors." The proposed change was "consent can be given on a body corporate's behalf by a person acting under the body corporate's express or implied authority." And that provision will align with section 181B of the Companies Act and will make it simpler for a body corporate to join in an incorporated society.
2/ New Incorporated societies this is in regard to reporting standards and now "that for newer societies that do not yet have two accounting periods under their belt, total operating payments and total current assets will be assessed based simply on the current financial year for which they are preparing their accounts"
3/ Reregistering: The Supplementary Order Paper 130 proposes to provide the registrar with the power to waive minor or technical non-compliance issues with applications, and a power to allow re-registration subject to conditions such as an obligation to provide certain information within a month.
I am yet to receive copies of the amended bill, once I have this I will publicise it to all members. And look forward to the next step in the Parliamentary process
The videos can be watched hereIncorporated Societies Bill — In Committee - New Zealand Parliament (www.parliament.nz)