Acts Online
GT Shield

Share Blocks Control Act 1980 (Act No. 59 of 1980)

Schedule 1 - (Section 8 (3))

6. Sectional Plan relating to property in respect of which share block scheme is operated

 

(1) When a sectional plan is prepared in accordance with the provisions of section 6 of the Sectional Titles Act in relation to property in respect of which a share block scheme is operated, every part of the building or buildings in question to the use of which a member of the company is entitled, shall, in so far as may be practicable, be shown or defined on that sectional plan as a section in accordance with the provisions of that Act.

 

(2) The value of the vote of any person who by virtue of the provisions of item 8 (1) becomes the owner of a section referred to in sub-item (1) of this item and his liability under section 24 (2) (c) of the Sectional Titles Act to make contributions for the purposes of sections 30 and 35 of that Act shall, notwithstanding anything to the contrary contained in any law, be determined in accordance with the memorandum or articles of the company concerned or any agreement or arrangement between that company and its members relating to the property in question, unless such value or liability is otherwise determined by virtue of a resolution referred to in item 2 (1) or in terms of the provisions of section 24 (3) of the said Act.

 

(3) To defray the costs incurred by the company to effect the opening of the sectional title register referred to in item 1 the company may raise a loan and encumber its assets.

 

(4) A loan contemplated in sub-item (3), interest thereon and the costs thereof may be defrayed out of the levy fund established under section 13 of this Act or may be repaid by the members of the company to the company, according as the company may decide.