| 25. | No registered society shall change its registered address unless the procedure prescribed in its rules for the amendment of the rule pertaining to the registered address has been followed and the amendment of the rule has been registered by the Registrar. |
26.
| (a) | Within one month from the date of the passing of a resolution for the alteration or rescission of any rule or for the adoption of any additional rule the principal officer of the society concerned shall submit to the Registrar— |
| (i) | four copies of the resolution adopted, together with a certificate signed as explained in regulation 19 to the effect that the resolution has been adopted in accordance with the provisions of the rules of the society; |
| (ii) | if the society carries on any kind of business which is subject to actuarial scrutiny, and if the alteration or rescission or addition of any rule affects the financial condition of the society a certificate by a valuator as to the financial soundness of the alteration, rescission or addition; |
| (iii) | if the business of the society is not subject to actuarial scrutiny and if the alteration or rescission or addition of any rule affects the financial condition of the society, a statement giving such information regarding the financial soundness of the altered, rescinded or added rule as the society may possess; |
| (iv) | a statement explaining the necessity for the alteration or rescission of or addition to the rules; and |
| (v) | the applicable fees set out in the Second Schedule. |
| (b) | No alteration or rescission of or addition to the rules shall be valid before registration by the Registrar in terms of section fourteen (4) of the Act, and such alteration, rescission or addition shall effect either from the date determined by the society concerned, or if no such date has been so determined, as from the date of the registration thereof. |
| (c) | On the submission of a scheme for an amalgamation or transfer contemplated in section 21 of the Act, the applicable fees set out in the Second Schedule shall be payable by the transferee society or other person taking transfer, as the case may be. |
[Regulation 26 amended by Government Notice R202 of 1993]
| (a) | Subject to the provisions of section 46 of the Act, any person may upon payment of the applicable fees set out in the Second Schedule, between 09:00 and 12:00 and between 14:00 and 15:00 on Mondays to Fridays (excluding public holidays), may inspect at the Office of the Registrar any document mentioned in the Second Schedule and may make a copy thereof or take an extract therefrom, or obtain from the said Registrar a copy of or an extract from any such document. |
| (b) | The said fees shall be paid in any manner other than by means of revenue or postage stamps. |
[Regulation 27 substituted by Government Notice R202 of 1993]
| 28. | Any person who has failed to make a return or to transmit or deposit a scheme, report, account, statement or other document within the time prescribed by the Act, or within any extended period allowed by the Registrar in terms of section forty-four (1) of the Act, may, without derogation from the provisions of section forty-eight (1) of the Act, thereafter furnish such return or transmit or deposit such scheme, report, account, statement or other document subject to the payment of a penalty of R50 for every day during which he has remained in default or such lesser amount as the Registrar in his discretion may determine. |
[Regulation 28 amended by Government Notice R602 of 1999]
| 29. | Limits relating to assets in which a registered society may invest |
| (1) | Subject to the provisions of the subregulations (2), (3), (4), (5) and (6) and the Annexure hereto, a registered society may invest only in an asset referred to in an item in column 1 of the Annexure to the extent to which the market value of the investment, expressed as a percentage of the total market value of the total assets of the society, does not exceed the percentage listed in column 2 of the Annexure in respect of such asset: Provided that— |
| (a) | the total market value of investments in assets referred to in items 6 and 7 in column 1 of the Annexure, expressed as a percentage, shall not exceed 90%; and |
| (b) | the total market value of investments in assets referred to in items 6, 7 and 8 in column 1 of the Annexure and any other asset not referred to in the Annexure, excluding an asset referred to in paragraph (b) of item 9, expressed as a percentage, shall not exceed 95%, |
of the total market value of the total assets of the society.
(2)
| (a) | In the application of this regulation with regard to the total assets of a society, including any society exempted in terms of section 3 (2) (b) of the Act, a policy issued to the society concerned by an insurer carrying on long-term insurance business as contemplated in the Insurance Act, 1943, which— |
| (i) | is not a linked policy; or |
| (ii) | is a linked policy, and the society has obtained from the insurer a certificate indicating that the assets held by the insurer in respect of his net liabilities under the said policy meet the distribution requirements of assets referred to in the Annexure, |
shall be deemed not to be an asset of the society.
| (b) | In the case of a linked policy, in respect of which no certificate as referred to in subregulation (2) (a) (ii) has been obtained, the society shall obtain a statement in writing containing particulars of the extent to which the value of the benefits under such policy is determined by the market value of assets referred to in the Annexure, and the market value of such assets shall be deemed to be assets of the society. |
| (c) | In the case of a society exempted in terms of section 3 (2) (b) of the Act, the certificate referred to in subregulation (2) (a) (ii) shall furnish the reasons for not complying with the distribution requirements of assets as referred to in the Annexure. |
| (d) | The statements and certificates referred to in subregulations (2) (a) and (2) (b) shall be furnished at the end of each financial year of the society or, in the case of a society which is exempted in terms of section 3 (2) (b) of the Act, at the end of the insurer’s financial year by the valuator of the insurer concerned, or his delegated. |
| (a) | ‘deposit-taking institution’ means an institution registered under the Deposit-taking Institutions Act 1990 (Act No. 94 of 1990); |
| (b) | ‘linked policy’ means a contract under which no investment guarantees are given by the insurer, either explicitly or implicitly, and in respect of which investment benefits are determined solely by reference to the value of specific assets to which the contract is linked and which assets are actually held by or on behalf of the insurer in terms of section 20 (1) of the Insurance Act, 1943; |
| (c) | ‘market value’, in relation to— |
| (i) | the value of every quoted asset, means the price at which it was quoted on the Johannesburg Stock Exchange within a period of three months immediately preceding the date to which the statement relates, which value shall be shown in the statement at an amount not exceeding the value determined according to the price last so quoted: Provided that if such quotation relates to a date other than the date to which the statement of assets relates, the said amount shall be properly adjusted in the case of — |
| (aa) | any interest-bearing asset, by the difference between the amount of the interest which had accrued from the last date on which interest was payable up to the date of the quotation in question and the corresponding amount of interest accrued up to the date to which the statement relates; and |
| (bb) | any share on which dividends have been declared, by the difference between the amount of any dividend which had been declared but not paid on the date of the quotation in question and the amount of any dividend which had been declared but not paid on the date to which the statement relates; |
| (ii) | assets to which the provisions of subregulation (3) (c) (i) do not apply, means the estimated value, which shall be equal to the price which would be obtained on a sale in the Republic between a willing seller and a willing purchaser (between whom there is no other direct or indirect connection), as estimated by the society and approved by the registrar or, if the registrar does not approve of an estimate made by the society, as estimated by the registrar; |
| (d) | ‘mutual building society’ means a society registered in terms of the Mutual Building Societies Act, 1965 (Act No. 24 of 1965); |
| (e) | ‘Post Office Savings Bank’ means the Post Office Savings Bank constituted in terms of section 52 of the Post Office Act, 1958 (Act No. 44 of 1958); |
| (f) | ‘property company’ means a company— |
| (i) | of which 50% or more of the market value of its assets consists of immovable property, irrespective of whether such property is held directly by the company as registered owner or indirectly by way of ownership of the shares of the company which is the registered owner of the property or which exercises control over the company which is the registered owner of the property; or |
| (ii) | of which 50% or more of its income is derived from investments in immovable property, or from an investment in a company 50% or more of the income of which is derived from investments in immovable property. |
| (4) | The registrar may on prior written application by a society grant such society exemption from any of the provisions of this regulation upon such conditions as he may impose. |
[Regulation 29 substituted by Government Notice R2362 of 1991]
