The manager must ensure that:—
| (a) |
every immovable property which is subject to a mortgage bond, is valued: |
| (i) |
at least once in every five years by the person described in rule 2(b); and |
| (ii) |
whenever a loan is three months in arrears; or |
| (iii) |
when additional amounts are advanced to a borrower; or |
| (iv) |
at any other time, should the manager be of the view that the value of the immovable property may be affected; |
| (b) |
every participation bond and every surety or collateral mortgage bond, accepted by the manager as collateral security, includes a condition that the mortgagor concerned must keep the mortgaged immovable property in good order and repair and the manager must, at least once in every five years, inspect or cause every such immovable property to be inspected in order to ensure that such condition is complied with; |
| (c) |
a documented risk management programme contemplated in rule 2(c) is in place; |
| (d) |
the ratios of values against advances stipulated in rule 4 are maintained when the immovable property in question is valued every five years as contemplated in sub-rule (a); and |
| (e) |
any deviation from these ratios is reported to the registrar immediately. |
Stamp Duties Act, 1968 (Act 77 of 1968)
