Property Practitioners Act, 2019 (Act No. 22 of 2019)Chapter 7 : Property Practitioners Fidelity Fund41. Fees payable by property practitioner |
| (1) | A property practitioner must annually pay to the Fund— |
| (a) | a prescribed application fee for a Fidelity Fund certificate in accordance with the provisions of section 47; and |
| (b) | any amount that the Minister may, after consultation with the Minister of Finance and the Board, determine from time to time by notice in the Gazette. |
| (2) | The Minister must in exercising the powers conferred in subsection (1), specify a method or standard to determine the percentage by which the amounts contemplated in paragraphs (a) and (b) of that subsection are automatically adjusted annually on 1 April of every subsequent year, but— |
| (a) | the Minister may at any time override such an automatic adjustment by making a new determination in terms of subsection (1); and |
| (b) | the Minister must not later than five years after making a determination contemplated in subsection (1) or paragraph (a), as the case may be, make a new determination in terms of subsection (1). |