Transition gives super fund time to meet law demands

THE Nasfund Savings and Loans Society (NCSL) is in a 12-month transition period under the revised Savings and Loans Societies Act 2015 which came into effect last August.
General manager Vari Lahui said the transition period allowed the society to comply with the requirements under the revised legislation.
“The revised Savings and Loans Act has been gazetted and operationalised on August 24, 2018,” he said. “All societies have been given a 12-month transition period to fully comply with the requirements of the revised Act.
“These requirements include incorporating under the Companies Act and applying for a (savings and loans society) licence from the Bank of PNG. I am pleased to advise that NCSL has been incorporated under the Companies Act and we are in the process of applying to Bank of PNG for a licence.”
He said the transition period should end on Aug 24. Lahui said they had submitted a board transition plan to the Bank of PNG.
“We will advertise a board position once it is vacated by director William Lamur when the transition period ends on Aug 24.”
Lahui said that according to the approved board transition plan, any applicant must demonstrate competency, qualification and experience in banking and finance, audit and risk management, legal, communication and information technology and insurance.