Friendly Societies Act, 1956 (Act No. 25 of 1956)Chapter IV : Documents to be Deposited with Authority25. Statement of assets |
| (1) | Every registered society shall prepare annually a statement of its assets at the close of the financial year, and shall deposit such statement with the Authority within six months from the close of that year: Provided that the Authority may, if he is satisfied that none of the objects of this Act would be thereby prejudiced, exempt from the provisions of this section a society to which the provisions of section twenty-three apply, on the occasions other than those on which a valuation by a valuator is made in terms of that section and may at any time withdraw any such exemption which he has previously granted if he is no longer satisfied as aforesaid. |
| (2) | Any asset represented by a claim which is overdue shall be shown as a separate asset. |
| (3) | No expenses of administration, organization or business extension, and no purchase price of a business (apart from the value of any property belonging thereto) or of a goodwill or any item of a similar nature, shall be included as an asset. |
| (4) | No asset shall be valued above its market value. |
| (5) | Full particulars of each asset, including the market value thereof, shall be furnished: Provided that if compliance with the requirements of this subsection by a particular society would result in unduly voluminous returns, the society concerned may group various classes of assets together, or otherwise abridge the statement in such manner as the Authority may approve. |
| (6) | A full explanation shall be included in the statement of the methods and bases adopted in ascertaining the market values of the various kinds of assets, including a statement as to whether or not such market values include allowances for interest, dividends or rent accrued since the last date on which interest, dividends or rent fell due. |