Public Service Commission Act, 1997
R 385
Share Blocks Control Act 1980 (Act No. 59 of 1980)19. Insurance of immovable property of share block company |
| (1) | The directors of a share block company shall ensure that the immovable property of the company is insured against damage in accordance with any relevant resolutions passed by its members at general meetings of the company. |
| (2) | If the company or any member thereof suffers any damage as a result of a failure to comply with the provisions of subsection (1), the persons who at the time of the failure were directors of the company, shall be jointly and severally liable to compensate the company or member, as the case may be, for the damage it or he suffered. |
| (3) | A person shall not be liable in terms of the provisions of subsection (2) if it is proved that he was unaware of the failure to comply with the provisions of subsection (1) and he was unable to prevent that failure. |
