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.
FINANCIAL INSTITUTIONS OFFICE Private Bag X238 0001 PRETORIA
4 September 1982
CIRCULAR F.S. 23 (To all friendly societies)
APPROVALS IN TERMS OF SECTION 20(2)(h) AND 20(2)(i) OF THE FRIENDLY SOCIETIES ACT, 1956
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The following further issues have been approved in terms of section 20(2)(h) of the Act and should be added to the list in paragraph 2 of Circular F.S.9 of 20 October 1977: CORPORATION FOR ECONOMIC DEVELOPMENT LIMITED: R50 million Local Registered Stock (Loans Nos. 12, 13 and 14). In the prescribed returns investments in these issues should be included in item 4(b) of Statement "C" and under item 6 of Statement "D".
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The Republic of Ciskei and the Ciskei National Development Corporation Limited have been approved in terms of section 20(2)(i) of the Act as a territory and an institution, respectively, subject to the condition that the time of issue, the period and the aggregate amount of every loan shall have been approved by the Treasury of the Republic of South Africa.
In the prescribed returns investments in bills, bonds or securities issued by the Government or local authorities in the Republic of Ciskei and by the Ciskei National Development Corporation Limited should be included in item 4(b) of Statement "C" and under item A6 of Statement "D". The name of the territory and of the institution should be added to the list in paragraph 4 of Circular F.S. 9 of 20 October 1977.
- A copy of this circular is enclosed for the Society's auditor. Kindly have the attached acknowledgement form signed by him also before returning it to this Office.
[Signature]
REGISTRAR OF FRIENDLY SOCIETIES /MS