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

Schedule 1 - (Section 8 (3))

4. Consent of mortgagee and discharge of loans secured by mortgage bond


(1) Any mortgagee who receives an application contemplated in item 1 (a) shall, within 30 days of the receipt of such application, notify the company of his decision in respect thereof.


(2) A company shall not take any steps to effect the opening of the sectional title register referred to in item 1, unless the mortgagee has undertaken in writing to grant the consent contemplated in section 5 (3) (b) of the Sectional Titles Act, or the company has made arrangements to the satisfaction of the mortgagee for the redemption, simultaneously with or prior to the opening of the said sectional title register, of the outstanding amount of the loan secured by the relevant mortgage bond.