Companies Act, 1973
R 385
Property Practitioners Act, 2019 (Act No. 22 of 2019)RegulationsProperty Practitioners Regulations, 2022Chapter 8 : Administrative and other matters41. Administrative MattersSchedule 5 - Transition |
| 41.41 | An applicant shall not be precluded from registering as a property practitioner or obtaining a Fidelity Fund certificate under the Act in consequence of such person having been in any way non-compliant with any of the provisions of the previous Act unless— |
| 41.41.1 | the Authority is able to show that such applicant is on the effective date subject to criminal prosecution or disciplinary proceedings which has or have commenced in respect of a failure on the part of such person to comply with any provisions of the previous Act or its regulations; or |
| 41.41.2 | the Authority is able to show that such applicant had a fidelity fund certificate issued under the previous Act withdrawn as a result of a failure on the part of such applicant to comply with any of the provisions of the previous Act or its regulations. |
| 41.42 | A property practitioner who failed to register as an "estate agent" under the previous Act or failed to obtain a Fidelity Fund certificate under the previous Act when they were required to do so, shall not be subject to prosecution or any disciplinary action in respect of such failure, provided that such property practitioner registers with the Authority within a period of no more than six months of the effective date and such person subsequently obtains a Fidelity Fund certificate in accordance with the provisions of the Act and these regulations within a period of no more than 12 months following the date upon which such person registers with the Authority. |
| 41.43 | The Authority shall be entitled to from time to time in good faith consultation with the representative bodies of the industry or industries concerned, to take steps in respect of and arrange for the regularisation of the affairs of, the property practitioners in such industry or industries in order to enable the property practitioners concerned to bring themselves into compliance with the provisions of the Act and the regulations. |
| 41.44 | Each person who on the effective date holds a fidelity fund certificate issued under the previous Act shall be entitled to continue acting as a property practitioner under the Act, using such existing fidelity fund certificate, until the end of the year during which the effective date falls. |
| 41.45 | To the extent that any person has during the 12 month period preceding the effective date obtained any qualification which would entitle such person under the provisions of the previous Act and its regulations to be registered as an estate agent or to carry on the activities of an estate agent (including whether as non-principal or as principal), the Authority must recognise such qualifications for the purposes of the Act and these regulations and allow such person to register as an carry on the activities of, a property practitioner. |
