Property Practitioners Act, 2019 (Act No. 22 of 2019)RegulationsProperty Practitioners Regulations, 2022Chapter 6 : Trust Accounts and Details of Auditor31. Winding Up Trust Accounts |
| 31.1 | After (i) the occurrence of an event contemplated in section 54 (9) (a) to (d) of the Act or (ii) a property practitioner who operates a trust account becomes exempted from the requirement to do so in accordance with the Act— |
| 31.1.1 | no monies shall be withdrawn from or paid out of the trust account or savings or other interest-bearing account in question without the Authority's written consent; |
| 31.1.2 | the property practitioner concerned shall— |
| 31.1.2.1 | if it is an event contemplated in section 54 (9) (c) of the Act, forthwith notify the Authority in writing thereof; |
| 31.1.2.2 | as soon as may be practicable in writing notify the bank referred to in section 54 (1) (a) with which he keeps the trust account or savings or other interest-bearing account in question of the occurrence of any such event and also that in future no monies may be withdrawn from or paid out of any such account without the consent in writing of the Authority, provided that the Authority itself may at any time so notify such bank; |
| 31.1.2.3 | as soon as may be practicable in writing furnish the Authority with the names of the persons entitled to any monies in any such account, the amount to which any such person is entitled and the reasons therefor; |
| 31.1.2.4 | having complied with the requirements of subregulations 31.1.2.1, 31.1.2.2 and 31.1.2.3 and with the consent in writing of the Authority, pay to the persons referred to in subregulation 31.1.2.3 and to such other persons who in the opinion of the Authority are entitled to any monies in such accounts, the monies to which they are entitled. |
| 31.2 | If no person has proved any claim in terms of subregulation 31.1.2.3 to the balance in question or any part thereof, the property practitioner concerned shall be entitled to such balance or after payment of any part of such balance to any person who has proved that he is entitled thereto, the property practitioner concerned shall be entitled to the remainder. |
| 31.3 | After all the monies in the accounts in question have been paid in terms of this regulation to the persons entitled thereto, the property practitioner concerned shall wind up such accounts and in writing notify the Authority thereof. |