South Africa
Financial Advisory and Intermediary Services Act, 2002
Exemption of burial societies and stokvels, 2013
Board Notice 43 of 2013
- Published in Government Gazette 36316 on 2 April 2013
- Commenced on 2 April 2013
- [This is the version of this document from 2 April 2013.]
1. Definitions
In this Schedule,“the Act” means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), any word or expression to which a meaning is assigned in the Act shall have that meaning, and unless the context otherwise indicates—“assistance policy” means an assistance policy as defined in section 1(1) of the Long-term Insurance Act, 1998;“Burial society” means a Stokvel that consists of members who have pledged mutual support to each other towards the attainment of burials only for members and their relatives;“member” in relation to a Stokvel, means a person who contributes towards a Stokvel in order to obtain any benefit, either for himself or for any other person;“Stokvel” means a group of natural persons amongst whom a common bond exists joined together to form an invitation only group savings scheme or rotating credit scheme and that—(a)consists of members who have pledged mutual support to each other towards the attainment of specific objectives;(b)establishes a continuous pool of capital by raising funds by means of the subscriptions of or contributions by members;(c)the aggregate value of capital does not exceed R100 000 per annum;(d)provides for members to share in profits and to nominate management; and(e)relies on self-imposed regulation to protect the interest of its members,provided the activities of such group and scheme were designated by the Registrar of Banks as activities that do not fall within the meaning of the “business of a bank”.3. Extent of exemption and condition
4. Amendment and withdrawal of exemption and conditions
This Exemption or conditions mentioned in paragraph 3 are subject to—5. Short title and commencement
This Exemption is called the Exemption of Burial Societies and Stokvels, 2013, and comes into operation on the date of publication in the Gazette.History of this document
02 April 2013 this version
Commenced