| (1) |
Subject to the provisions of this section, a registered society may invest its funds in any manner provided by its rules. |
| (2) |
[Section 20(2) deleted by section 10 of Act No. 53 of 1989] |
| (3) |
[Section 20(3) deleted by section 10 of Act No. 53 of 1989] |
| (4) |
[Section 20(4) deleted by section 10 of Act No. 53 of 1989] |
| (a) |
make donations to any charitable, religious, provident, sporting or cultural institution or to any hospital, nursing home, infirmary or home for aged persons; |
| (b) |
grant loans secured by first mortgages of immovable property, by way of investment of its funds, to any of its members if the mortgaged property is property on which a dwelling house has been or is to be erected: Provided that such loans shall in no case exceed seventy-five per cent of the market value of the property to be acquired; |
| (c) |
[Section 20(5)(c) deleted by section 32 of Act No. 43 of 1975] |
| (d) |
contribute to any other friendly society registered under this Act or any fund of any kind whatsoever which is conducted for the benefit of the employees of the said registered society or take out and pay for insurance policies on the lives of employees of the said registered society for the benefit of such employees or their dependants. |
| (6) |
The Authority may, under exceptional circumstances, and on such conditions and for such periods as he may determine, temporarily exempt any society from compliance with any provision of subsection (5). |
[Section 20(6) substituted by section 10 of Act No. 53 of 1989]
Statistics Act, 1999
