It is punishable to set up a block of shares scheme for land built in opposition to an approved (or proposed) planning system.3 The block of shares contract remains in effect as long as a member holds shares or until the shareholder has the right to transfer the shares. When a shareholder violates the agreement in the form of payments (or other conditions in the agreement), it is normally expected that the company will ultimately take steps to take over the premises. In this case, the shares can be resold and the expenses and arrears recovered before the company pays the balance to the former shareholder. Shares held in a block company can be acquired either directly by the company or by an existing shareholder, in which case all shares, rights and bonds are transferred to the new owner. A stake in a block company is not a real estate asset, so you cannot finance the purchase through a mortgage. The company commits an offence if it does not record a copy of each contract of use signed on the land in question or in a place where the clerk has been informed.12 The company cannot be sued for damages or inconvenience resulting from an accident, if it is shown that the maintenance or caution has been carried out. If the premises are destroyed or rendered uninhabitable, the company is responsible for the restoration of the land and the fact that each shareholder benefits essentially from the same size, quality and location of the premises previously occupied. However, the company will not bear the cost of alternative accommodation of a shareholder during the turnaround. The Stock Control Act, which governs the sale of shares, contains a number of provisions. These provisions provide potential buyers with all the information they need to make an informed decision; they also outline the steps that real estate agents have non-forensics that want to market and sell shares. These can be viewed here.
A block company was registered as the owner in the land and buildings, and each unit was assigned a number of shares (known as the ”share block”) to the company, which gave the owner the right to use and occupy the dwelling. The purchaser of a unit in the block of shares becomes a shareholder of the company and is entitled to supply that unit determined according to the conditions set out in the contract of use. Other rights are also conferred in the foundation agreement and in the use agreement between Share Block Corporation and shareholders. Each shareholder pays a monthly co-payment for the general expenses of the plan. The amount payable by each shareholder is normally set in proportion to the number of shares held and used for the control, management, management, maintenance and repair of the system. A ”use contract” is entered into for each block of shares system and this agreement confers the right or interest in the use of the property in question. It is also punishable if the company does not file a copy of the user contract (which it must perform) with the clerk prior to signing.13 the tenant is 65 years of age or older and has an income that is enacted within the meaning of this Act. , it can only be offered to that tenant – or to another person subject to the landlord`s right to remain in the profession (as long as his income does not exceed the ceiling). As mentioned above, the marketing and sale agreements for these systems must comply with the provisions of the law which stipulate that the term ”block of shares” or ”aandeleblok” (Afrikaans) must be part of the name of the limited company.