Regulatory Alerts2021-11-11
Added · Updated
FS.S.6.9 – Requirements for Voluntary Termination of a Society
The Namibia Financial Institutions Supervisory Authority issues Standard FS.S.6.9 to prescribe the procedural requirements for voluntary termination or dissolution of registered friendly societies under the Financial Institutions and Markets Act, 2021. The standard mandates a member ballot achieving at least seventy-five percent participation, after which an approved liquidator must submit preliminary and final accounts detailing asset realization, liability discharge, and potential escrow arrangements. The regulator exercises supervisory oversight by reviewing accounts, adjudicating member objections within thirty days, directing necessary amendments, and ultimately cancelling the society registration once all statutory conditions are met.