Friendly Society (Prescribed Limits) Regulations 1988 (SA)

SOUTH AUSTRALIA

FRIENDLY SOCIETY (PRESCRIBED LIMITS) REGULATIONS, 1988

REGULATIONS UNDER THE FRIENDLY SOCIETIES ACT, 1919

Friendly Society (Prescribed Limits) Regulations, 1988

being

No. 107 of 1988: Gaz. 23 June 1988, p. 1994

Citation

1. These regulations may be cited as the Friendly Society (Prescribed Limits) Regulations,

1988.

Revocation

2. The Friendly Society (Prescribed Amounts) Regulations, 1982 (see Gazette, 20 May,

1982, p. 1722) as varied, are revoked.

Limits on insurance payments: ss. 7(2), 9(2)

3. (1) No amount may be payable by a society to any of its members that exceeds in aggregate $100 000 under insurance of any of the following classes or a combination of such insurances:

(a)	deferred annuities;
(b)	superannuation;
or
(c)	any insurance primarily for investment purposes.

(2) In determining the amount payable to a member for the purposes of subregulation (1), any amount payable in addition to the amount or amounts deposited by the member is to be disregarded.

(3) No amount may be payable by a society to or on the death of any of its members that in

aggregate exceeds $35 000 under insurance of any class not referred to in subregulation (1).

(4) No sickness pension or annuities may be payable by a society to any of its members at a

rate exceeding $150 per week.

Limit on loans to members: s. 9a(4)

4. No loan may be made by a society to any of its members that would result in the member

being indebted to the society for an amount exceeding $12 000.

Limit on transfers to loans fund: s. 9a(9)

5. No society may lend to its loan fund from any other fund maintained by the society

amounts that in aggregate exceed $160 000.