Friendly Societies Act, 1956 (Act No. 25 of 1956)Chapter VII : General and Miscellaneous48A. Protection of moneys due on retirement of member |
| (1) | Moneys due by way of benefit in terms of the rules of a friendly society on the retirement of a member who was a member of the society for a period of at least three years, or any other asset into which the member converted such money or part thereof, shall not, during a period of five years as from the date upon which the money became due, be liable to be attached in execution of a judgment or order of the court, at the instance of his creditors, and shall not form part of his insolvent estate. |
| (2) | Where the benefit referred to in subsection (1), was pledged, the provisions of that subsection shall apply only to so much of the value of that benefit as exceeds the amount of the liability secured by the pledge. |
[Section 48A inserted by section 15 of Act No. 65 of 1968]