Regulatory Alerts2018-04-01
Circular F.S. 21: Approvals Under Sections 20(2)(h) and 20(2)(i) of the Friendly Societies Act, 1956
The Financial Institutions Office has approved additional permissible investments for friendly societies under the Friendly Societies Act, 1956. Circular F.S. 21 authorizes a further R30 million allocation to the Corporation for Economic Development and extends approval to the Republics of Bophuthatswana and Venda, including their respective national development corporations, subject to Treasury authorization for loan terms. The directive also mandates specific accounting classifications for these investments in the societies' annual Statement C and Statement D returns.
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