Examples of Share Blocks Control Act in a sentence
The number of guests permitted to each unit is prescribed in the Use Agreement of the share block in accordance with the Share Blocks Control Act 59 of 1980 (amended) and the Property Time-Sharing Control Act.
Where a Share Block Company as defined by the Share Blocks Control Act 1980 (Act no.
The Customer must liquidate all debt or make arrangements to settle amounts owed to the Municipality, within 14 days of date of conclusion of either the contract that must be entered into for the acquisition of a share or shares in terms of the Share Blocks Control Act, or the date of conclusion of the Use Agreement in accordance with the Share Blocks Control Act, whichever date is the earlier.
Conversion to sectional title scheme The Share Blocks Control Act, 1980 (Act No. 59 of 1980) provides an explicit method of converting a share block company into a sectional title scheme.
Under the Sectional Titles Act, a share block company may convert a share block scheme to a sectional title scheme by special resolution (i.e. Item 8 of Schedule 1 of the Share Blocks Control Act).
The lack of relief in this latter instance is simply an oversight because the conversion to full title was simply not envisioned as a practical option (especially given the focus on conversions to sectional title under the Share Blocks Control Act).
From a VAT perspective, the taxable nature or otherwise of the supply of the rights and interests under the fractional ownership scheme rests on whether the supply constitutes the supply of “fixed property” and “goods” as defined in section 1(1) of the VAT Act (regardless of whether the fractional ownership scheme itself complies with the provisions of the Share Blocks Control Act or the Property Time-Sharing Control Act), or if it is a supply of a “financial service”.
Where a Share Block Company as defined by the Share Blocks Control Act 1980 (Act No.59 of 1980) has opened a Sectional Title Register in respect of residential land and buildings to which the Share Block Scheme relates, then, only residential sectional title unit owners may qualify for rebates under clause 7.2, 7.3 and 7.4, provided they meet the necessary criteria as set out by the Municipality from time to time.
All monies paid to the Company by a member in respect of its loan obligation shall be dealt with strictly in accordance with the provisions of section 15 of the Share Blocks Control Act 1980.
Where a Share Block Company as defined by the Share Blocks Control Act 59 of 1980, has opened a Sectional Title Register in respect of land and buildings to which the Share Block Scheme relates, then, holders of shares within the Share Block Company may qualify for rebates under 7.2; 7.3 and 7.4 above, provided they meet the necessary criteria as set out by the Municipality from time to time.