RulesIndex 21.1 The staff of the SOCIETY must ensure the confidentiality of all information regarding its MEMBERs. 21.2 The principal officer is the chief executive officer of the scheme and as such shall ensure that: 21.2.1 the decisions and instructions of the BOARD are executed without unnecessary delay; 21.2.2 where necessary, there is proper and appropriate communication between the SOCIETY and those parties, affected by the decisions and instructions of the BOARD; 21.2.3 he keeps the BOARD sufficiently and timeously informed of the affairs of the SOCIETY which relate to the duties of the BOARD as stated in section 57(4) of the ACT; 21.2.4 he keeps the BOARD sufficiently and timeously informed concerning the affairs of the SOCIETY so as to enable the BOARD to comply with the provisions of section 57(6) of the ACT; 21.2.5 he does not take any decisions concerning the affairs of the SOCIETY without prior authorisation by the BOARD and that he at all times observes the authority of the BOARD in its governance of the SOCIETY. 21.2.6 he acts in the best interests of the members of the scheme at all times.
21.3 The principal officer shall be the accounting officer of the SOCIETY charged with the collection of and accounting for all moneys received and payments authorised by and made on behalf of the SOCIETY. 21.4 The principal officer shall ensure the carrying out of all of his duties as are necessary for the proper execution of the business of the SOCIETY. He shall attend all meetings of the BOARD, general meetings of MEMBERs, and any other duly appointed committee where his attendance may be required, and ensure proper recording of the proceedings of all meetings. 21.5 The principal officer shall be responsible for the supervision of the staff employed by the SOCIETY unless the BOARD decides otherwise. 21.6 The principal officer shall keep full and proper records of all moneys received and expenses incurred by, and of all assets, liabilities and financial transactions of the SOCIETY. 21.7 The principal officer shall prepare annual financial statements and shall ensure compliance with all statutory requirements pertaining thereto.
22.1 The BOARD and any officer of the SOCIETY must be indemnified by the SOCIETY against all proceedings, costs and expenses incurred by reason of any claim in connection with the SOCIETY, not arising from their negligence, dishonesty or fraud. 22.2 The BOARD must ensure that the SOCIETY is insured against loss resulting from the dishonesty or fraud of any of its officers (including members of the BOARD) having the receipt or charge of moneys or securities belonging to the SOCIETY.
The financial year of the SOCIETY extends from the first day of January to the 31st day of December of that year. The SOCIETY must maintain a banking account with a registered commercial bank. All moneys received must be deposited to the credit of such account and all payments must be made either by electronic transfer, tape exchange or by cheque under the joint signature of not less than two persons duly authorised by the BOARD. 25.1 An AUDITOR (who must be approved in terms of Section 36 of the Act) must be appointed by resolution at each annual general meeting, to hold office from the conclusion of that meeting to the conclusion of the next annual general meeting. 25.2 The following persons are not eligible to serve as AUDITOR of the Society – 25.2.1 a member of the Board; 25.2.2 an employee, officer or contractor of the Society; 25.2.3 a person not engaged in public practise as an auditor; 25.2.4 a person who is disqualified from acting as an auditor in terms of the Companies Act, 1973.
25.3 Whenever for any reason an AUDITOR vacates his office prior to the expiration of the period for which he has been appointed, the BOARD must within 30 days appoint another AUDITOR to fill the vacancy for the unexpired period. 25.4 If the MEMBERs of the SOCIETY at a general meeting fail to appoint an AUDITOR required to be appointed in terms of this rule, the BOARD must within 30 days make such appointment, and if it fails to do so, the REGISTRAR may at any time do so. 25.5 The AUDITOR of the SOCIETY at all times has a right of access to the books, records, accounts, documents and other effects of the SOCIETY, and is entitled to require from the BOARD and the officers of the SOCIETY such information and explanations as he deems necessary for the performance of his duties. 25.6 The AUDITOR must report to the MEMBERs of the SOCIETY on the accounts examined by him and on the financial statements laid before the SOCIETY in general meeting. 25.7 The BOARD must appoint an audit committee of at least five members of whom at least two must be members of the BOARD.
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