Friendly Societies Act, 1956 (Act No. 25 of 1956)Chapter V : Enquiries and Investigations, Applications to Court, Cancellation or Suspension of Registration and Dissolution of Societies38A. Application for approval for conversion of society into company |
| (1) | A registered society intending to apply in terms of section 4 of the Insurance Act, 1943 (Act No. 27 of 1943), to the Registrar of Insurance to carry on a particular class of insurance business within the meaning of that Act, may apply to the Registrar of Friendly Societies for his approval for its conversion into a company referred to in section 4 (3)bis (b) (i) of that Act, so as to be able to make such application to the Registrar of Insurance. |
| (2) | An application to the Registrar of Friendly Societies referred to in subsection (1), shall be accompanied by — |
| (a) | a proposed memorandum and articles of association for the public company to be established by the conversion; |
| (b) | an exposition of the basis and conditions on which it is contemplated to offer or grant shares in that company to persons who are members of the Society, and other persons; |
| (c) | an exposition of the manner in which the first directors of that company are to be designated. |
[Section 38A inserted by section 3 of Act No. 44 of 1988]