pension fund act-24-1956_1.pdf - UNION GAZETT EXTRAORDINARY lim MAY 1956 No 24)956 Please note that most Acts are published in English and another South

pension fund act-24-1956_1.pdf - UNION GAZETT EXTRAORDINARY...

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UNION GAZETT!'! EXTRAORDINARY, lim MAY, 1956. No. 24.)956.) ACT To provide for the registration, incorporation, regulation and dissolution of pension funds and for matters incidental thereto. (English text signed by the Governor-General.) (Assented to 28th April, 1956.) BE IT ENACTED by the Queen's Most Excellent Majesty, the Senate and the House of Assembly of the Union of South Africa, as follows:- CHAPTER I. ADMINISTRATION AND APPLICATION OF Acr AND INnRPRE· TATION OF TERMS. 1. (I) In this Act, unless the context indicates otherwise- Definitions. (i) "actuary" means any Fellow of an institute, faculty, society or chapter of actuaries approved by the Minister; (i) (ii) "court" means a provincial or local division of the Supreme Court of South Africa, and includes the High Court of South-West Africa; (viii) (iii) "financial year", in relation to a fund. means each period of twelve months ending on the thirty-first day of December, at the end of which the balance of its accounts is required to be struck in terms of its rules, or such other period as may on any particular occasion be determined by the registrar at the req nest of the fund; (iii) (iv) "fund" means a pension fund organization; (iv) (v) "Gazette", in relation to a fund carrying on business in the Terr:tory, means the Official Gazette of the Territory; (xvii) (vi) "member" means, in relation to- (a) a fund referred to in paragraph (a) of the definition of "pension fund organization", any member or former member of the association by which such fund has been established; (b) a fund referred to in paragraph (b) of that defini- tion, an employee or former employee of the employer who participates or participated in the scheme or arrangement in question, if such employee or former employee belongs or belonged to a class of employees for whose benefit that fund has been established, but does not include any member or former member or employee or former employee who has received all the benefits which may be due to him from the fund and whose membership has thcrearter been terminated in accordance with the rules of the fund; (x) (vii) "Minister" means the Minister of Finance; (xi) (viii) "officer", in relation to a fund, means any member of a committee appointed to manage the affairs of the fund, or any individual so appointed, or any manager, principal officer, . treasurer, clerk or other agent or employee of the fund, but does not include an auditor appointed under section nine; (ii) (ix) "pension fund" means a pension fund organization; (xii) (x) "pension fund organization" means- (a) any association of persons engaged in any occupa- tion established with the object of providing benefits for members or former members of such association upon their retirement from such occupation, or for the dependants of such members or former members upon the death of such members or former members; or Please note that most Acts are published in English and another South African official language. Currently we only have capacity to publish the English versions. This means that this document will only contain uneven numbered pages as the other language is printed on even numbered pages.

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