Diamonds Act, 1986
R 385
Property Practitioners Act, 2019 (Act No. 22 of 2019)Chapter 8 : Property Practitioners47. Application for Fidelity Fund certificate |
| (1) | Every property practitioner, excluding a property practitioner referred to in paragraph (g) of the definition of ‘‘property practitioner’’ in section 1, must, within the prescribed period and in the prescribed manner, every three years apply to the Authority for a Fidelity Fund certificate, and such application must be accompanied by the fees contemplated in section 34. |
| (2) | A property practitioner referred to in paragraph (d) of the definition of ‘‘property practitioner’’ in section 1, must, within the prescribed period and in the prescribed manner, apply to the Authority for a registration certificate, and such application must be accompanied by the fees contemplated in section 34. |
| (3) | Subject to sections 43 and 52, the Authority must, upon receipt of an application contemplated in subsection (1) or (2) and the relevant fees, if the applicant concerned— |
| (a) | meets or has met all requirements provided for in or under this Act; and |
| (b) | is not disqualified in terms of section 48 from being issued with a Fidelity Fund certificate, |
issue to the applicant concerned a Fidelity Fund certificate in the prescribed form, which is valid until 31 December of the year to which such application relates.
| (4) | A property practitioner who applies to the Authority for a Fidelity Fund certificate or a registration certificate, after the prescribed period referred to in subsection (1) or (2), or whose application is not accompanied by the fees referred to in section 34, must in addition to the applicable fee pay a prescribed penalty to the Authority and the Authority may not issue a Fidelity Fund certificate to the property practitioner concerned until the penalty has been paid. |
| (5) | A property practitioner may not use or display a lapsed Fidelity Fund certificate. |
| (6) | A property practitioner must, upon request from any relevant party, produce a Fidelity Fund certificate or certified copy thereof. |
| (7) | A property practitioner whose contact details change during the period of validity of his, her or its Fidelity Fund certificate, must within 14 days of such a change taking place in writing provide the Authority with his, her or its new contact details. |
