An incorporated society differs with a body corporate in the legal requirements and the obligations of each member. An incorporated society must file annual returns and hold Annual General Meetings etc. Members must contribute to the maintenance and upkeep of communal areas in the society but are solely responsible for the maintenance and upkeep of their own property. An Incorporated Society or Residents Society is a group or organisation that has been registered under the Incorporated Societies Act and is authorised by law to run its affairs.
What is an Incorporated Society?
An Incorporated Society is a group of people usually with a common interest sports club, social club, cultural group, service or activist group that is registered in accordance with the Incorporated Societies Ordinance Once registered, the Incorporated Society is required to provide the following information annually to the Registrar:. In accordance with section 22 3 of the Incorporated Societies Ordinance , if an incorporated society does not file its Audited financial statements to the Registrar when they are due, every officer of the society is liable to a monetary fine for every day during which the default continues. From 1st June , all incorporated societies must apply for renewal of their registration on or before 30 June each year.
How do you Register an Incorporated Society?
An incorporated society is a membership-based organisation that has registered under the Incorporated Societies Act To be able to register, your group must exist for some lawful purpose other than making a profit. By registering under the Act, the society becomes an incorporated body with a legal identity of its own, separate from the identity of its members. To become an incorporated society, your organisation must register with the Registrar of Incorporated Societies part of the Companies Office. For more information about how to register, and other information about incorporated societies, check the website.
In New Zealand , an incorporated society is a group of at least 15 people who have applied for registration under the Incorporated Societies Act Once registered the Society constitutes a distinct legal entity which provides protection to members from debts, contracts etc. In return, members do not have a personal financial interest in the property or assets if any owned by the society. The vast majority of New Zealand sports clubs and organisations, charitable organisations, and community organisations operate as incorporated societies. To maintain registration, annual returns must be made to the Registrar of Incorporated Societies .