Financial Services Board Act, 1990
R 385
Estate Agency Affairs Act, 1976 (Act No. 112 of 1976)Chapter II : Estate Agents Fidelity Fund19. Claims against board in respect of fund |
| 1) | The board may, at any time after the commission of any theft, or any failure to comply with the provisions of section 32(1), in respect of which a claim relating to the fund arose, receive such claim and may, subject to the provisions of section 18, settle such claim: Provided that no person shall without the permission of the board commence any action against the board, unless and until the claimant has exhausted all relevant rights of action and other legal remedies available against the estate agent in respect of whom the claim arose and against all other persons liable in respect of the loss suffered by such claimant. |
| 2) | No person shall recover from the board any amount larger than the difference between the amount of the loss suffered by him and the amount or value of all moneys or other benefits which he received or is entitled to receive out of any other source in respect of such loss. |
| 3) | The board may at its discretion pay out of the fund interest on the amount of any judgment obtained or any claim admitted against the fund: Provided that - |
| a) | such interest shall not run from a date earlier than the date on which the board received notice in writing by or on behalf of a claimant of his claim against the fund; and |
| b) | the rate of interest shall not exceed the prevailing rate of interest prescribed under section 1(2) of the Prescribed Rate of Interest Act, 1975 (Act No. 55 of 1975). |
| 4) | No right of action shall lie against the board in respect of any loss suffered by - |
| a) | the spouse of an estate agent by reason of any theft committed by such estate agent; or |
| b) | any estate agent by reason of any theft committed - |
| i) | by his partner; or |
| ii) | if such estate agent is a company, by any director of such company; or |
| iii) | if he is a director of a company, by any co-director in such company; or |
| iiiA) | if such estate agent is a close corporation, by any member of such corporation; or |
| iiiB) | if he is a member of a close corporation, by any co-member in such corporation; or |
| iv) | by any person employed by him as an estate agent; or |
| c) | any person as a result of theft, or as a result of any other act or omission in connection with trust moneys held or received on account of any other person, by any person referred to in paragraph (cA) of the definition of 'estate agent' in section 1 of this Act. |
