in New Zealand an incorporated society is defined as being a group of at least 15 people who have applied for registration under the Incorporated Societies Act 1908.
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.
To maintain registration, annual returns must be made to the Registrar of Incorporated Societies [1]. At any stage the Society may be wound up by members' resolution, creditors or the Registrar (if compliance is not maintained).