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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Schedules

Schedule 4 : Amendments and repeals

Friendly Societies Act, 1956

 

SCHEDULE 4

 

AMENDMENTS AND REPEALS (continued)

(Section 290)

 

Act No. and year

Short Title

Extent of repeal or amendment

Act No. 25 of 1956

Friendly Societies Act, 1956
1. The amendment of section 1—
(a) by the insertion in subsection (1) after the definition of "assets" of the following definition:

" 'Authority' means the Financial Sector Conduct Authority established by section 56 of the Financial Sector Regulation Act;";

(b) by the insertion in subsection (1) after the definition of "assets" of the following definition:

" 'conduct standard' has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;";

(c) by the insertion in subsection (1) after the definition of "court" of the following definition:

" 'Financial Sector Regulation Act' means the Financial Sector Regulation Act, 2017;";

(d) by the insertion in subsection (1) after the definition of "Insurance Act" of the following definition:

" 'joint standard' has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;";

(e) by the deletion in subsection (1) of the definition of "prescribed";
(f) by the insertion in subsection (1) after the definition of "principal officer" of the following definition:

" 'prudential standard' has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;";

(g) by the insertion in subsection (1) after the definition of "principal officer" of the following definition:

" 'Register' means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;";

(h) by the deletion in subsection (1) of the definition of "registrar"; and
(i) by the addition of the following subsection:
"(3) Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regulation Act."

 

 

2.        The insertion after section 1 of the following sections:

"Relationship between Act and Financial Sector Regulation Act

 

1A.

(1) Except as otherwise provided by this Act or the Financial Sector Regulation Act, the powers and duties of the Authority in terms of this Act are in addition to the powers and duties that it has in terms of the Financial Sector Regulation Act.
(2) Unless expressly provided otherwise in this Act, or this Act requires a matter to be prescribed by regulation, a reference in this Act to a matter being—
(a) prescribed must be read as a reference to the matter being prescribed in a prudential standard, a conduct standard or a joint standard; or
(b) determined must be read as a reference to the Authority determining the matter in writing and registering the determination in the Register.

(3)

(a) A reference in this Act to the Authority announcing or publishing information or a document on a web site must be read as a reference to the Authority publishing the information or document in the Register.
(b) The Authority may also publish the information or document on its web site.
(4) A reference in this Act to a fee prescribed by regulation must be read as a reference to the relevant fee being determined in terms of section 237 and Chapter 16 of the Financial Sector Regulation Act.
(5) The Authority must publish the following on the Register:
(a) the registration of a society in terms of this Act and each cancellation of a registration;
(b) any exemption or any withdrawal of an exemption referred to in sections 3(2) and (3), 25(1) or section 47(1)(bC); and
(c) the rules of each registered friendly society, and each amendment of those rules.

 

Regulatory instruments

 

1B. For the purposes of the definition of "regulatory instrument"’ in section 1(1) of the Financial Sector Regulation Act, any matter prescribed by the Authority in respect of  which notice in the Gazette is specifically required by this Act is a regulatory instrument.".

 
3. The substitution in section 3(1) for paragraph (a) of the following paragraph:
"(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 [registrar] Authority with such statistical information as may be requested by the [Minister] Authority;".

 

 
4. The repeal of sections 4 and 32.

 

 
5. The substitution in section 33 for subsection (1) of the following subsection:
"(1) The [registrar] Authority may, [with the consent of the Minister,] in regard to any registered society, apply to the court for an order in terms of paragraph (c), (d) or (e) of subsection (3), and a registered society may, in regard to itself, apply to the court for an order in terms of paragraph (b), (d) or (e) of that subsection, if the [registrar] Authority or the society is of the opinion that it is desirable, because the society is not in a sound financial condition or for any other reason, that such an order be made in regard to the society: Provided that a society shall not make such an application except by leave of the court, and the court shall not grant such leave unless the society has given security to an amount specified by the court for the payment of the costs of the application and of any opposition thereto, and has established prima facie the desirability of the order for which it wished to apply.".

 

 
6. The repeal of sections 44 and 45.

 

 
7. The deletion in section 47(1) of paragraphs (bA) and (bC).

 

 
8. The deletion in section 48 of subsections (2), (3), (4) and (5).

 

 
9. The substitution for the expression "registrar", wherever it occurs, of the expression "Authority".

 

 
10. The amendment of the arrangement of sections by the insertion after item 1 of the following items:
"1A. Relationship between Act and Financial Sector Regulation Act
1B. Regulatory instruments".