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.
FINANCIAL INSTITUTIONS OFFICE Private Bag X238 PRETORIA 0001
4 December 1981
CIRCULAR F.S. 21 (To all friendly societies)
APPROVALS IN TERMS OF SECTIONS 20(2)(h) AND 20(2)(i) OF THE FRIENDLY SOCIETIES ACT, 1956
- The following further issue has 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 : R30 million Local Registered Stock (Loan Nos. 10 and 11)
In the annual returns of friendly societies investments in this issue should be included in item 4(b) of Statement "C" and in item 6 of Statement "D".
- The following territories and institutions have been approved in terms of section 20(2)(i) of the Act 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 :
(1) Territories (a) Republic of Bophuthatswana (b) Republic of Venda
(2) Institutions (a) Bophuthatswana National Development Corporation Limited (b) Venda Development Corporation Limited
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