Circular F.S. 9: Approvals Under Section 20(2) of the Friendly Societies Act, 1956

FINANCIAL INSTITUTIONS OFFICE Private Bag X238 PRETORIA 0001

20 October 1977

CIRCULAR F.S. 9 (To all friendly societies)

APPROVALS IN TERMS OF SECTION 20(2) OF THE FRIENDLY SOCIETIES ACT, 1956

1. The South African Abattoir Corporation has been approved as an "institution" in terms of section 20(2)(h) of the Friendly Societies Act, 1956.

2. In addition to the above the following institutions have thus far been approved in terms of section 20(2)(h) of the Act:

(a) South African Broadcasting Corporation. (b) Industrial Development Corporation of South Africa Limited. (c) South African Iron and Steel Industrial Corporation Limited. (d) Phalaborwa Water Board.

3. The effect of the approvals is that bills, bonds or securities issued by the above institutions rank for the purposes of section 20(2) of the Act.

4. The Republic of Transkei has been approved in terms of section 20(2)(i) of the Act. The effect of this approval is that bills, bonds or securities issued by the Government of and local authorities in the Republic of Transkei rank for the purposes of section 20(2) of the Act. This Office is prepared to treat loans (including annuity loans) granted to local authorities in the Republic of Transkei prior to that country's independence as falling within the scope.

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5. In the annual returns of friendly societies investments in the said bills, bonds or securities should be included under item A6 of Statement "D".

6. A copy of this circular is enclosed for the society's auditor. Please hand it to him and return as early as possible the attached acknowledgement of receipt, duly signed.

REGISTRAR OF FRIENDLY SOCIETIES /MS