| 1) |
Subject to the provisions of this Chapter, the fund shall be held and applied to reimburse persons who suffer pecuniary loss by reason of - |
| i) |
of any money or other property entrusted by or on behalf of such persons to him in his capacity as an estate agent; |
| ii) |
of any moneys collected or received by him and payable in respect or on account of a contract of purchase and sale in respect of immovable property or any contract or deed of alienation as defined in section 1(1) of the Alienation of Land Act, 1981 (Act No. 68 of 1981); |
| iii) |
of any other moneys, including insurance premiums, collected or received by him and payable in respect of immovable property, any interest in immovable property or any business undertaking; |
| b) |
the failure of an estate agent to comply with section 32(1) or 32(2)(e). |
| 2) |
Every action against the board in respect of the fund may, subject to the provisions of this Act, be brought in the court within whose jurisdiction the cause of action arose. |
| 3) |
No person shall have any claim against the board in respect of a theft or failure referred to in subsection (1) unless - |
| a) |
the claimant has, within three months after he became aware of such theft or failure or by the exercise of reasonable care should have become aware of such theft or failure, given notice in writing to the board of such claim; |
| b) |
the claimant has, within six months after a written demand was sent to him by the board, furnished to the board such proof as the board may reasonably require: |
Provided that if the board is satisfied that, having regard to all the circumstances, a claim was lodged or the proof required by it was furnished as soon as practicable, it may in its discretion extend any of the periods referred to in this subsection.
Older Persons Act, 2006
