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

1. Definitions
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In this Act, unless the context otherwise indicates—

 

"bank"

means a banking institution registered under the Banks Act, 1965 (Act No. 23 of 1965);

 

"building society"

means a permanent building society registered under the Building Societies Act, 1965 (Act No. 24 of 1965);

 

"Companies Act"

means the Companies Act, 1973 (Act No. 61 of 1973);

 

"contract"

includes a contract subject to a suspensive or resolutive condition;

 

"court"

means a court of the provincial or local division of the Supreme Court of South Africa in whose area of jurisdiction any property in question is situated;

 

"development scheme"

means a scheme contemplated in section 4 of the Sectional Titles Act;

 

"estate agent"

means an estate agent as defined in section 1 of the Estate Agents Act, 1976 (Act No. 112 of 1976);

 

"immovable property"

in relation to a share block company, means land, and includes any building erected or to be erected;

 

"loan obligation"

in relation to a share block company, means the total amount owing from time to time by the company, excluding any amount owing by the company in respect of—

(a)its share capital;
(b)the aggregate of the amounts transferred in terms of the Companies Act to the reserves and provisions of the company;
(c)any debt to be discharged from moneys in the levy fund established in terms of section 13 by the company;

 

"Minister"

means the Minister of Commerce and Consumer Affairs;

 

"practitioner"

means a practitioner as defined in section 1 of the Attorneys Act, 1979 (Act No. 53 of 1979);

 

"prescribed"

means prescribed by or under this Act;

 

"property"

means any land of which a share block company is the registered owner and on which a building has or any buildings have been erected;

 

"purchaser"

means the person who, in terms of a contract, acquired a right to the transfer of a share to him;

 

"Sectional Titles Act"

means the Sectional Titles Act, 1971 (Act No. 66 of 1971);

 

"sectional title register"

means a sectional title register contemplated in section 8 (1) (b) of the Sectional Titles Act;

 

"seller"

means the person who, in terms of a contract, is obliged to transfer a share to a purchaser;

 

"share"—
(a)means a share as defined in section 1 (1) of the Companies Act in relation to a company, and includes a debenture of a company and a right to or an interest in any such share or debenture;
(b)includes any other interest in a company;
(c)does not include a right to or an interest in the assets of a company derived from a lease in respect of such assets;

 

"share block company"

means a company the activities of which comprise or include the operation of a share block scheme;

 

"share block developer"

means any person by whom, on whose behalf or for whose benefit more than 50 per cent of the shares of a share block company are held or controlled and, where two or more persons by whom, on whose behalf or for whose benefit more than 50 per cent of the shares of such a company are jointly held or controlled, act in concert in relation to or are jointly connected with the business of the company, each of such persons;
 

"share block scheme"

means any scheme in terms of which a share, in any manner whatsoever, confers a right to or an interest in the use of immovable property;

 

"this Act"

includes a regulation made thereunder;

 

"unit"

means a unit as defined in section 1 of the Sectional Titles Act;

 

"use agreement"

means any agreement conferring a right to or an interest in the use of any immovable property in respect of which a share block scheme is operated;