https://is-register.companiesoffice.govt.nz/law-changes-for-societies/key-changes/
- All societies will need to revise their constitution and re-register, otherwise they will cease to exist
- Many societies will have to start using the XRB accounting standards to prepare their financial statements
- Larger societies will have to get their financial statements audited
- Committee members (Officers duties) now modelled on directors’ duties in the Companies Act 1993 to:
- Act in good faith and in the best interests of the society
- Exercise powers for proper purposes only
- Comply with the Act and the constitution
- Exercise reasonable care and diligence
- Not create a substantial risk of serious loss to creditors
- Not incur an obligation the officer doesn’t reasonably believe the society can perform.
Check out Companies Office for more details:
https://is-register.companiesoffice.govt.nz/law-changes-for-societies/key-changes/
