Regulatory Alerts2018-04-01
Circular F.S. 23: Approvals Under Sections 20(2)(h) and 20(2)(i) of the Friendly Societies Act 1956
The Financial Institutions Office issued Circular F.S. 23 to approve specific investments and jurisdictions for friendly societies under the Friendly Societies Act of 1956. The circular authorizes R50 million in Local Registered Stock issued by the Corporation for Economic Development Limited and recognizes the Republic of Ciskei and its National Development Corporation as approved investment entities, contingent on South African Treasury approval for loan terms. Friendly societies must record these investments in designated sections of their prescribed financial statements and submit an auditor-signed acknowledgement form to the Registrar.
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