| (1) |
A resolution referred to in item 1 (c) shall, notwithstanding anything to the contrary contained in any law, be registered in terms of the Companies Act as a special resolution of the company if— |
| (a) |
the notice of the meeting, in addition to the particulars to be specified therein in terms of section 199 of the Companies Act, states that the particulars and rules referred to in item 1 (b) are available for inspection free of charge during normal business hours at the property in respect of which the company operates the share block scheme or at a place of which the Registrar was notified in terms of section 110 (4) of the said Act; and |
| (b) |
the resolution was passed at the relevant meeting as a special resolution or by not less than 50 per cent in number of the members of the company having the right to attend and vote at any meeting of the company, and the said 50 per cent of the members together hold not less than 30 per cent of the total votes held by all the members of the company. |
| (2) |
When registered in terms of the Companies Act, a resolution referred to in sub-item (1) shall be sufficient authority to the directors of the company to take such steps as may be necessary under any law to effect the opening of the sectional title register referred to in item 1. |
| (3) |
Any share block company shall, within 21 days of the date of the registration of a resolution referred to in sub-item (1), cause notice in writing of the resolution to be dispatched to all members of the company and, in so far as the company may have the necessary information at its disposal, to— |
| (a) |
every person who, on that date, is, upon payment of the necessary amount, entitled to a share of the company; |
| (b) |
every person who has on that date a right to a share of the company by virtue of a pledge; |
| (c) |
every creditor of the company who has on that date a claim of not less than 500 rand against the company: |
Provided that the provisions of this sub-item shall not apply in respect of any person who has by written notice to the company indicated that he has no objection to the opening of the sectional title register referred to in item 1.
| (4) |
The notice referred to in sub-item (3) shall state that— |
| (a) |
it is the intention of the company to apply in terms of section 4 of the Sectional Titles Act for the approval of a development scheme and, if such scheme is approved, for the opening of the sectional title register referred to in item 1; |
| (b) |
the person concerned may consent to the said applications or, of the date of the notice, lodge a written objection with the company and, unless he withdraws his objection, within two months from the date thereof or such extended period as the company may allow apply to the court in terms of the provisions of item 3 for an order under that item; |
| (c) |
the particulars and rules referred to in item 1 (b) are available for inspection as contemplated in sub-item (1) (a) of this item. |
| (5) |
A notice referred to in sub-item (3) shall be handed over to the person to whom it is to be dispatched, or shall be sent by prepaid registered post to that person at his last known business or residential address or, in the case of a member of the company, if that address of his is not known, at his address as reflected in the share register of the company. |
Stamp Duties Act, 1968 (Act 77 of 1968)
