Pension Funds Act, 1956 (Act No. 24 of 1956)Chapter III : Manner of Administration and Powers of Registered Funds7B. Exemptions |
| (1) | The registrar may on written application of a fund and subject to such conditions as may be determined by the registrar— |
| (a) | authorise a fund to have a board consisting of less than four board members if such number is impractical or unreasonably expensive: Provided that the members of the fund shall have the right to elect at least 50% of the board members; |
| (b) | exempt a fund from the requirement that the members of the fund have the right to elect members of the board, if the fund— |
| (i) | has been established for the benefit of employees of different employers referred to in the definition of "pension fund" and "provident fund" as defined in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962); |
| (ii) | is a retirement annuity fund; |
| (iii) | is a beneficiary fund; or |
| (iv) | is a pension preservation fund or a provident preservation fund as defined in section 1 of the Income Tax Act, 1962. |
| (2) | The registrar may withdraw an exemption granted under subsection (1)(a) or (1)(b) if a fund no longer qualifies for such exemption. |