Property Time-Sharing Control Act, 1983 (Act No. 75 of 1983)

1. Definitions

Purchase

In this Act, unless the context otherwise indicates—

"accommodation"

in relation to a time-sharing interest, means any immovable property or any portion or part thereof;

"alienate"

in relation to a time-sharing interest, means sell or let for utilization over a prescribed period of at least three years, whether such sale or lease is subject to a suspensive or resolutive condition; and "alienation" has a corresponding meaning;

"architect"

means an architect as defined in section 1 of the Architects Act, 1970 (Act No. 35 of 1970);

"club"

in relation to a property time-sharing scheme, means any club or association of persons in respect of which a right to membership or a right of participation in activities or functions may be sold to a member of the general public;

"consideration"

means the purchase price and interest, or rent, or any other consideration, which is payable or which must be rendered in terms of a contract;

"contract"

means a document in terms of which a time-sharing interest is alienated, and includes any agreement or agreements which together have the same import, whatever form the agreement or agreements may take;

"estate agent"

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

"immovable property"

means land, and includes any building, or other improvements on land whether of a permanent nature or not, erected or to be erected;

"insolvent"

means—

(a)	any person whose estate is under sequestration in terms of the Insolvency Act, 1936 (Act No. 24 of 1936);

(b)	any insolvent deceased estate which is dealt with in terms of the provisions of section 34 (5) of the Administration of Estates Act, 1965 (Act No. 66 of 1965);

(c)	any juristic person in liquidation which is unable to pay its debts;

(d)	any person whose estate is dealt with in terms of section 28 (5) of the Agricultural Credit Act, 1966 (Act No. 28 of 1966);

"Minister"

means the Minister of Industries, Commerce and Tourism;

"practitioner"

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

"prescribe"

means prescribe by regulation; and "prescribed" has a corresponding meaning;

"property time-sharing scheme"

means—

(a)

any scheme, arrangement or undertaking in terms of which time-sharing interests are offered for alienation or are alienated and the utilization of such interests is regulated and controlled, whether such scheme, arrangement or undertaking is operated pursuant to a share block scheme, any scheme under which time-sharing interests connected with rights to membership of or participation in any club are granted, any time-sharing development scheme based on the alienation of undivided shares in a unit as defined in section 1 of the Sectional Titles Act, 1971 (Act No. 66 of 1971), or otherwise; or

(b)

any scheme, arrangement or undertaking declared a property time-sharing scheme by the Minister by notice in the Gazette for the purposes of this Act, in terms of which interests in the use or occupation of immovable property, or any portion or part thereof, defined in the notice, are sold or leased;

"purchaser"

means any person to whom a time-sharing interest pursuant to a property time-sharing scheme is alienated by virtue of a contract;

"seller"

means any person who alienates a time-sharing interest pursuant to a property time-sharing scheme by virtue of a contract;

"share block scheme"

means a share block scheme referred to in section 1 of the Share Blocks Control Act, 1980 (Act No. 59 of 1980);

"this Act"

includes any regulation or notice made or issued in terms of this Act;

"time-sharing interest"

in relation to a property time-sharing scheme, means any right to or interest in the exclusive use or occupation, during determined or determinable periods during any year, of accommodation.