Property Practitioners Act, 2019 (Act No. 22 of 2019)

Chapter 8 : Property Practitioners

51. Amendment of Fidelity Fund certificate
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(1) For the purposes of this section, ‘‘holder’’ means the holder of a Fidelity Fund certificate.

 

(2) The Authority may, at any time in writing, inform the holder that the Authority intends to amend any particulars of the Fidelity Fund certificate held by the holder, and the Authority must—
(a) provide reasons for the proposed amendment; and
(b) invite the holder to submit a written response within a prescribed period.

 

(3) The Authority may, after due consideration of any response received, including that of any person other than the holder, amend the particulars of the Fidelity Fund certificate and issue an amended Fidelity Fund certificate to the holder.

 

(4) When issuing the Fidelity Fund certificate contemplated in subsection (3), the Authority must, simultaneously in writing—
(a) provide the holder with reasons for the amendment;
(b) provide the holder with a copy of any response received from the other person; and
(c) request the immediate return of the original Fidelity Fund certificate.

 

(5)A person who, in terms of paragraph (c), is requested to return the original Fidelity Fund certificate to the Authority, must—
(a) do so forthwith; or
(b) if that Fidelity Fund certificate cannot be returned, submit a declaration made under oath or affirmed to the Authority as to the reasons and circumstances preventing that person from doing so.

 

(6) An amended Fidelity Fund certificate comes into operation on the date on which it is served by the Authority on the holder.

 

(7) If the holder prevents delays or avoids service of the amended Fidelity Fund certificate by the Authority or attempts to do so, the amended Fidelity Fund certificate comes into operation on the date on which the Authority first attempted to serve the amended Fidelity Fund certificate on the holder.

 

(8) If the Authority attempted to serve the amended Fidelity Fund certificate on the holder but was unsuccessful for the reason that the holder prevented, delayed or avoided the Authority from doing so, the Authority must, for the general public’s information, publish the date on which the amended Fidelity Fund certificate came into operation, and the nature or contents of the amendment, in any medium which it deems adequate for this purpose.