The rules of a friendly society shall be in one of the official languages of the Republic and shall contain provision in regard to the following matters, that is to say —
| (b) |
the objects of the society; |
| (c) |
the manner in which funds are to be raised and collected and the purposes for which they are to be applied; |
| (d) |
the various classes (if any) of members and the requirements for admission to membership and the circumstances under which membership is to cease; |
| (e) |
the conditions under which any member or other person may become entitled to any benefit and the nature and extent of any such benefit; |
| (f) |
the fines and forfeitures (if any) to be imposed on any member and the consequences of non-payment of any contribution or fine; |
| (g) |
the appointment, removal from office, powers and remuneration (if any) of officers of the society; |
| (h) |
the powers of investment of funds; |
| (i) |
whether or not any part of the business of the society is subject to actuarial scrutiny, and, if so, which kinds of business are so subject; |
| (j) |
the maintenance of accounts relating to such kinds of business as are subject to actuarial scrutiny separately from accounts relating to any other business; |
| (k) |
whether or not a separate account is to be kept in respect of any particular kind of business other than as required in terms of the preceding paragraph, and, if so, in respect of which kinds; |
| (l) |
if the society is entitled to receive contributions from its members towards the expenses of management, and if such contributions are payable under a separate table, the maintenance of a separate account of such expenses and contributions; |
| (m) |
if separate accounts are kept in respect of any particular kind of business, or in respect of expenses of management and contributions towards such expenses, the circumstances in which and conditions upon which accounts may be transferred from one such account to another; |
| (n) |
the manner of determining profits and losses and of disposing of such profits or providing for such losses; |
| (o) |
the manner in which contracts and other documents binding the society shall be executed; |
| (p) |
the custody of the securities, books, papers and other effects of the society; |
| (q) |
the manner of altering and rescinding any rules, and of making any additional rule; |
| (r) |
the manner of deciding disputes between a member or former member or any person whose claim is derived from a member or former member and the society or any officer of the society; |
| (s) |
in the case of a society with share capital, the amount of such share capital and the division thereof into shares of a fixed amount, whether the liability of a shareholder for the debts of the society is limited or unlimited, the conditions relating to participation in the profits of the society by the shareholders (subject to the condition that such participation shall not in any one year exceed an amount equal to five per cent of the paid-up share capital), the conditions of redemption or repayment of shares, the conditions relating to calls on shares, the manner of transfer and transmission of shares, the manner of forfeiture of shares, and the manner of alteration of share capital; |
| (t) |
the appointment of the auditor of the society and the duration of such appointment; |
| (u) |
subject to the provisions of this Act, the manner in which and the circumstances under which a society shall be terminated or dissolved; |
| (v) |
the appointment of a liquidator in the case of a voluntary dissolution; |
| (w) |
the manner of calling the annual general meeting and special general meetings of members, the quorum necessary for the transaction of business at such meetings and the manner of voting thereat; |
| (x) |
such other matters as the Authority may approve. |
[Section 13 amended by section 38 of Act No. 104 of 1993]
Skills Development Levies Act, 1999
