Regulatory Alerts2021-11-11
Added · Updated
Minimum Number of Members in a Friendly Society
The Namibia Financial Institutions Supervisory Authority requires all registered friendly societies to maintain a minimum of seven actively contributing members, comprising corporate bodies or adult natural persons. This standard applies universally to entities operating under the Financial Institutions and Markets Act, 2021, and explicitly defines membership eligibility based on active contribution and age of majority. The regulation establishes a clear compliance baseline to ensure consistent organizational structure across the sector.
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
MINIMUM NUMBER OF MEMBERS OF A FRIENDLY SOCIETY
NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY Standard No. FS.S.6.11
3 FINANCIAL INSTITUTIONS AND MARKETS ACT, 2021 [Act No. 2 of 2021] Minimum number of members of a friendly society Standard No. FS.S.6.11 issued by NAMFISA under Section 410(7)(f) of the Financial Institutions and Markets Act, 2021 Definitions
- (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
- This standard applies to all Friendly Societies registered under the Act. Minimum number of members
- The minimum number of members a Friendly Society must have is 7 (seven) persons who are either corporate bodies or natural persons who have attained the age of majority, and who are actively contributing to the society.