FS.S.6.13 – The Percentage of the Fair Value of Property

1
GOVERNMENT NOTICE
FRIENDLY SOCIETIES
NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY No. X 2021 STANDARDS MADE UNDER THE FINANCIAL INSTITUTIONS AND MARKETS ACT, 2021 The Namibia Financial Institutions Supervisory Authority has under section 410(7) of the Financial Institutions and Markets Act, 2021 (Act No. 2 of 2021), made the Standards set out in the Schedule. Gersom Katjimune Chairperson Windhoek, 2021

2
FINANCIAL INSTITUTIONS AND MARKETS ACT, 2021 [Act No. 2 of 2021] DRAFT STANDARD ___________________________________________________________________________ THE PERCENTAGE OF THE FAIR VALUE OF PROPERTY REFERRED TO IN SECTION 306(2) OF THE ACT ________________________________________________________________________ NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY Standard No. FS.S.6.13

3
FINANCIAL INSTITUTIONS AND MARKETS ACT, 2021 [Act No. 2 of 2021] The percentage of the fair value of property referred to in section 306(2) of the act Standard No. FS.S.6.13 issued by NAMFISA under Section subsections 306(2) and 410(7)(l) of the Financial Institutions and Markets Act, 2021 Definitions

1. (1) In this Standard -
   (a) “Act” means the Financial Institutions and Markets Act, 2021 [Act No. 2 of 2021], and includes the regulations prescribed under the Act and the standards and other subordinate measures issued by NAMFISA under the Act; (b) Words and phrases defined in the Act bear the meanings ascribed to them by the Act. Applicability
2. This standard applies to all Friendly Societies registered under the Act.
   Fair value of property
3. A Friendly Society may grant loans secured by first mortgages of immovable property to
   any of its members in terms of section 306(2) of the Act only to the extent to which the amount of such loan, expressed as a percentage of the fair value of the property, does not exceed 75 (seventy five) percent.