Financial Advisory and Intermediary Services Act, 2002
R 385
Friendly Societies Act, 1956 (Act No. 25 of 1956)Chapter I : Administration and Application of Act and Interpretation of Terms3. Application of Act |
| (1) | The provisions of this Act shall not apply in relation to any friendly society — |
| (a) | which has been established or continued in terms of a collective agreement concluded in a council in terms of the Labour Relations Act, 1995. However, such a friendly society shall from time to time furnish the Authority with such statistical information as may be requested by the Authority; |
[Section 3(1)(a) substituted by section 290, item 3 of Schedule 4, of Act No. 853 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (b) | of which the aggregate value of income does not exceed R100 000 per annum, |
except that such society shall comply with the provisions of any regulation that may be made in relation to it.
[Section 3(1) substituted by section 22 of Act No. 54 of 1989]
| (1A) |
| (a) | Despite subsection (1), a friendly society which has been established or continued in terms of a collective agreement concluded in a council in terms of the Labour Relations Act, 1995, may elect to apply for registration in terms of section 5 of this Act. |
| (b) | The registration of a friendly society referred to in paragraph (a) may be cancelled in accordance with Chapter V of this Act only. |
[Section 3(1A) inserted by section 18 of Act No. 22 of 2008]
| (2) | If the Authority is satisfied — |
| (a) | that the aggregate value of the income likely to be received by a friendly society which is at the commencement of the Friendly Societies Amendment Act, 1988, registered under this Act, will not in general exceed during any year an amount of R100 000, he may by notice in writing addressed to that society, and on such conditions as may be specified in that notice, exempt that society from the operation of all or any of the provisions of this Act; |
[Section 3(2)(a) substituted by section 1 of Act No. 44 of 1988]
| (b) | that a friendly society which has applied for registration under this Act, operates exclusively by means of policies of insurance issued by a person lawfully carrying on an insurance business within the meaning of the Insurance Act, he may by notice in writing addressed to that society, and such conditions as may be specified in that notice, exempt that society from the operation of all or any of the provisions of this Act; |
[Section 3(2)(b) substituted by section 1 of Act No. 44 of 1988]
| (c) | that the affairs of any friendly society which has so applied for registration, are subject to such a measure of control issuing from any department of the State or any provincial administration, as to ensure that the society will as regards its financial strength and the conduct of its business conform to standards at least as high as those imposed under this Act in respect of registered societies (other than provisionally registered societies), he shall in writing exempt the society on such conditions as he may specify from the operation of the provisions of this Act. |
[Section 3(2)(c) substituted by section 33 of Act No. 104 of 1993]
| (3) | The Authority may at any time by notice in writing addressed to the society concerned, withdraw any exemption granted under paragraph (a), (b) or (c) of subsection (2) in respect of that society if he ceases to be satisfied as provided in the appropriate paragraph. |
