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

7. Main object of share block company and use agreement


(1) The main object and business of any share block company shall be to operate a share block scheme in respect of immovable property owned or leased by it.


(2) The articles of a share block company shall provide that a member shall be entitled to the use of a specified part of the immovable property in respect of which the company operates the share block scheme, on the terms and conditions contained in a use agreement entered into between the company and such member.


(3) A copy of every signed use agreement and any amendment thereof shall be kept by the company at the immovable property in respect of which it operates the share block scheme or at the place of which the Registrar was notified in terms of section 110 (4) of the Companies Act.


(4) The provisions of section 113 of the Companies Act relating to inspection and copies of and extracts from the register referred to in section 110 of that Act, shall mutatis mutandis apply to any copy of a use agreement kept under subsection (3).


(5) A copy of the use agreement to be used by a company in connection with any share block scheme to be operated by it, shall before any such agreement is entered into, be lodged by the company with the Registrar in the prescribed manner.