Regulatory Alerts2017-04-07
Added · Updated
Friendly Societies Act 25 of 1956
Enacted by the President of South Africa and administered by the Registrar of Friendly Societies, this legislation establishes the comprehensive legal framework for registering, incorporating, regulating, and dissolving friendly societies. It defines permissible organizational objects, mandates financial soundness assessments by approved actuaries or valuated, and requires societies to submit detailed accounts, balance sheets, and asset-liability statements for provisional or full registration. The Act grants the Registrar authority to inspect documents, conduct inquiries, impose management expense limits, and cancel or suspend registration, while providing specific provisions for affiliated societies, unregistered entities, and the protection of members' funds.