| (1) |
Despite any other law, a property practitioner must for a period of five years in respect of— |
| (a) |
all documents exchanged with the Authority; |
| (b) |
if applicable, correspondence with his, her or its employer or franchisor; |
| (c) |
any agreement incidental to his, her or its carrying on the business of a property practitioner; |
| (d) |
any agreement, mandate, mandatory disclosure form or other document relating to the financing, sale, purchase or lease of a property; |
| (e) |
any advertising or marketing material related to his, her or its carrying on the business of a property practitioner; and |
| (f) |
any other document prescribed by the Minister, |
from the date of the document or the probable date of the document retain that document and must upon request forthwith provide the Authority with a legible certified copy of that document.
| (2) |
The documents contemplated in subsection (1) may be stored electronically if such storage meets the requirements of the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002). |
| (3) |
A property practitioner who contravenes subsection (1) is guilty of an offence. |
| (4) |
In addition to the duties contemplated in section 54, a property practitioner must in respect of his, her or its activities— |
| (a) |
keep at an address in the Republic the accounting records that are necessary to fairly reflect and explain the state of affairs— |
| (i) |
of all monies received or expended by him, her or it, including monies deposited to a trust account referred to in section 54(1) or invested in a savings or other interest-bearing account referred to in section 54(2); |
| (ii) |
of all his, her or its assets and liabilities; and |
| (iii) |
of all his, her or its financial transactions and the financial position of his, her or its business; and |
| (b) |
cause the accounting records contemplated in paragraph (a) to be audited by an auditor within six months after the final date of the financial year of the property practitioner, which final date may not be altered by him, her or it without the prior written approval of the Authority. |
Diamonds Act, 1986
