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Friendly Societies Act, 1956 (Act No. 25 of 1956)

Chapter VII : General and Miscellaneous

47. Regulations

 

(1) The Minister may make regulations, not inconsistent with the provisions of this Act —
(a) in regard to all matters which by this Act are required or permitted to be prescribed by regulation;
(b) prescribing the form of any document referred to in this Act for which provision is not otherwise made in this Act, or prescribing alterations or additions to any such form;
(bA) prescribing matters in addition to those contemplated in any other provision of this Act in respect of which fees shall be payable, the fee payable in respect of each such matter, and, in relation to such fees as well as fees payable under any such other provision of this Act, the persons by whom the fees shall be payable, the manner of payment thereof and, where it is deemed necessary, the payment of interest in respect of overdue fees;

[Section 47(1)(bA) substituted by section 4 of Act No. 7 of 1993]

(bB) limiting, notwithstanding the provisions of section 20 (1), the amount which and the extent to which a society may invest in particular assets or in particular kinds or categories of assets, prescribing the basis on which the limit shall be determined and defining the kinds or categories of assets to which the limit applies;

[Section 47(1)(bB) inserted by section 11 of Act No. 53 of 1989]

(bC) authorizing the Authority to grant unconditional or conditional exemption, whether unlimited or limited in duration, from provisions of the regulations contemplated in paragraph (bB);

[Section 47(1)(bC) inserted by section 11 of Act No. 53 of 1989]

(c) generally, as to all matters which he considers it necessary or expedient to prescribe in order that the purposes of this Act may be achieved.

 

(2) A regulation made under this section may in respect of any contravention thereof or failure to comply therewith prescribe a penalty not exceeding a fine of R1 000 or imprisonment for a period of six months.

[Section 47(2) inserted by section 5 of Act No. 44 of 1988]

 

[Section 47 amended by section 26 of Act No. 103 of 1979]