select
|

'Practical' amendments to the Sectional Titles Act

Martin Bester, the Managing Director of Intersect Sectional Title Services, who sits on the board of the Residential and Sectional Title Committee of SAPOA and is an alternate member of the Sectional Title Regulations Board, explains that one such amendment is the insertion of rule 31(2A), which states that the budget of the body corporate shall run concurrent with the financial year of the scheme.

“This, in turn, led to the amendment of rule 36 (1) which now provides for the trustees to prepare the budget, prior to year end, and to lay this budget before the members at the AGM.  Whereas in the past many budgets were ‘on hold’ until the AGM was held and the budget approved by the members, sometimes putting strain on the cash flow of the body corporate.”

Another amendment, which according to Bester will save time, costs and importantly, resources, is the substitution of rule 39, which now allows for the delivery of documents by means of facsimile or email, provided that the owner, in writing, consents to receiving same in such a manner.

“This means that, inter alia, the paper and postage intensive annual notice and supporting documents for the AGM may now be issued in a digital format, whereas in the past this had to be issued by prepaid post.  I foresee, in a scheme where all owners consent, to not only saving costs and resources, but also to ensuring timeous and accurate delivery with the use of delivery confirmations.  One could even go so far as to use the email software to notify members of the meeting and to remind them of same.”

Bester also advises that trustees and members of sectional title body corporates should also be aware of the deletion of sub rule 31 (4), which dealt with the application of special contributions [special levies] and, in turn, make themselves au fait with sections 37 (2A) and 37 (2B) of the Act which provide for the Trustees to raise and collect special contributions.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Feb 2018
      RE/MAX Property Associates’ Table View Office, which services property buyers and sellers along the Table Bay coastline and surrounds, has recently sold a home in Woodbridge Island for R11 million – the highest price paid for any home in the sought-after security complex.
    • 23 Feb 2018
      Choosing to invest in an overseas property can be daunting. But as more and more investors recognise the value of a diversified portfolio that includes property outside of their own country of residence, international property investment is growing in popularity.
    • 23 Feb 2018
      The positive change in South Africa’s political landscape is paving the way for an upswing in the local property market.
    • 22 Feb 2018
      An excellent credit score is one of the most priceless assets a potential home buyer can have. This tool has the power to secure favorable mortgage and refinancing rate, influencing everything from the size of the loan repayment to the interest rate on the home loan.
    • 22 Feb 2018
      What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria?
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK