Regulatory Alerts2018-04-01
Circular F.S. 7: Phased Recognition of Unit Trust Investments for Friendly Societies
The Registrar of Friendly Societies directs all registered societies to phase out the statutory recognition of unit trust scheme units as approved assets under section 20(2) of the Friendly Societies Act, reducing the recognized percentage from 15 percent to nil over a nine-quarter schedule effective 1 October 1975. This directive aligns with retrospective amendments to the Unit Trust Control Act, 1947, which permit unit trusts to gradually divest government securities. The circular also announces the publication and purchase details for the Registrar’s Eleventh Annual Report covering the 1973 financial year.
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