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Estate Agency Affairs Act, 1976 (Act No. 112 of 1976)

Chapter II : Estate Agents Fidelity Fund

12. Establishment and control of Estate Agents Fidelity Fund

 

 

1) There is hereby established a fund to be known as the Estate Agents Fidelity Fund, into which shall be paid -
a) all moneys paid as annual contributions in accordance with the provisions of this Chapter to or on account of the fund;
b) income derived from the investment of moneys in the fund;
c) all moneys recovered by or on behalf of the fund in the exercise of any right of action conferred by this Chapter;
d) all moneys received on behalf of the fund from any insurance company;
e) interest paid to the fund in terms of section 32(2)(c); and
f) any other moneys accruing to the fund from any other source.

 

2) The fund shall be controlled and managed by the board, which shall utilize the moneys in the fund in accordance with the provisions of this Chapter.

 

3) All moneys forming part of the fund shall, until they are invested or spent in accordance with the provisions of this Chapter, be paid into a bank approved by the Minister, to the credit of an account to be called the Estate Agents Fidelity Fund Account.