Credit unions

A credit union is registered under the Friendly Societies and Credit Unions Act 1982.

A credit union is a member-owned co-operative financial organisation set up to provide savings and loan facilities for its members.  A common bond must exist among the members, for example, residing in a particular geographical location or being employed by a particular employer.  Members invest their savings and receive a dividend.

• Why register?
• Incorporation information
• Filing obligations after incorporation
• Removing a credit union from the Register
  

Why register?

No person, society or body corporate can carry on business as a credit union without being registered under section 98(1) of the Credit Unions Act 1982.

Incorporation information

1. Who may apply?

A society may apply if it has a membership of not less than 21 adults (persons over the age of 18) and rules that comply with section 104 and the objects are those set out in section 101 of the Credit Unions Act 1982. 

The Registrar must be satisfied that membership is restricted to persons who fulfil specific qualification (set out in section 102) and that a common bond exists between the members.

2. What needs to be filed?

An application along with a copy of the credit union's rules which include those matters set out in the Fourth Schedule.

3. What fees are involved

The fee for registering as a credit union is NZ$400.

Filing obligations after incorporation

The main documents that credit unions file are required to file are:

• An annual return and financial statements (forms available on this website).  These must be filed within three months of balance date.  The fee is NZ$600 (comprised of NZ$350 for the annual return and NZ$250 for the financial statements)
• Rule or Trust Deed changes
• Change of trustees
• Change of entity details such as name and address
• Dissolution and Amalgamation documents
• Annual financial statements in accordance with the Financial Reporting Act 1993.

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What information is required in the annual return?

The annual return form, which includes guidance notes, is available from the Forms & Fees section of this website.  Refer to this form for queries regarding content of the annual return and financial statements.

Are there any exemptions from filing financial statements?

No.  It is a legislative requirement that all credit unions must file an annual return and financial statements within three months of balance date.

Do all credit unions have an obligation to file accounts under the Financial Reporting Act 1993?

Yes.  All credit unions are issuers.

How do I register a change of details, rules or trust deed for my credit union?

There are no set forms for changes to rules or trust deeds or address.  A credit union normally submits changes (made in accordance with its rules), on letterhead paper, and signed by appropriate persons.  We recommend you seek independent legal advice in this regard.  The Registrar’s legal team check all such changes to ensure they comply.

What is the timeframe for notifying the Registrar of any changes?

A credit union must notify the Registrar in writing within 14 days of a change of Trustees.  All other changes need to be made to the Registrar in writing, but the Act does not specify a timeframe.

The postal address for the Registrar is

Registrar of Friendly Societies and Credit Unions
Northern Business Centre
Private Bag 92061
Victoria Street West
Auckland 1142
 

Removing a credit union from the Register

A credit union can be removed from the register by:

• amalgamation/transfer of engagements to another credit union
• cancellation or suspension of registration and dissolution – generally the same provision as those that apply to friendly societies.