Friendly Societies Act, 1956 (Act No. 25 of 1956)RegulationsPart III : Financial Statements, Reports and Statistics to be Furnished by Registered Societies |
All Societies.
| 11. | Every registered society shall not later than the 30th day of June of every year submit to the Registrar under cover of a letter signed by the principal officer, two copies of each of the following:— |
| (a) | Statements A to K, contained in the First Schedule to these regulations, completed in respect of the financial year which ended on the 31st December immediately preceding; |
| (b) | any special report by the auditor relating to any of the activities of the society during the financial year to which the revenue account and balance sheet relate; |
| (c) | any other statement the society may have presented to its members or shareholders in respect of any of its activities during the said financial year; |
| (d) | any annual report the society may have presented to its members or shareholders in respect of the said financial year; and |
| (e) | except where the society is an association of persons, a statement reflecting the name or names and address or addresses of the participating employer or employers as at the immediately preceding 31st December. |
| 12. | If no report or statement referred to in paragraph (b), (c) or (d) of regulation 11 was made or presented as provided in the applicable paragraph, that fact shall be mentioned specifically in the covering letter. |
| 13. | The name of the society and the financial year to which the documents relate shall be stated on each sheet of paper submitted under regulation 11. |
| 14. | Every document referred to in regulation 11 shall be duly signed as explained in regulations 18 and 19. |
Societies subject to actuarial scrutiny.
| 15. | In addition to the documents referred to in regulation 11, every registered society which carries on any kind of business which is subject to actuarial scrutiny, shall lodge with the Registrar a copy of the valuation report in respect of every valuation carried out in terms of section twenty-three of the Act, duly certified by the valuator, within twelve months from the year-end to which the valuation relates. The report is to be accompanied by a certificate by the person managing the business of the society and by the principal officer that to the best of their knowledge and belief the information furnished to the valuator for the purposes of the valuation was correct and complete in every material respect. |
| 16. | Where a society carries on any kind of business which is subject to actuarial scrutiny and also carries on business which is not so subject, the society shall keep separate accounts in respect of the business which is so subject to actuarial scrutiny. The society shall apportion its assets between the business which is subject to actuarial scrutiny and the other business and the assets thus allocated to one type of business shall not be used for the purposes of or be transferred to the other type of business without the prior approval of the Registrar. The revenue account and balance sheet to be submitted by such society in Statements B and C, respectively, in the First Schedule hereto, but modified by the introduction of additional columns and the insertion of the columnar headings “business subject to actuarial scrutiny” and “other business”, so as to show the figures in respect of the two types of business separately. |