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The Sectional Titles Schemes Management Act 8 of 2011 (“the STSMA”) and the Prescribed Management Rules (“PMRs”) contained in Annexure 1 to the Regulations made thereunder provide for bodies corporate to have two separate funds, a reserve and administrative fund. This article will distinguish between these two funds, and set out what each fund must be used for. 1. Reserve fund In terms of section…
This article takes a look at the quorum requirements and voting procedures at annual general meetings (“AGMs”) and special general meetings (“SGMs”), as provided for by the Sectional Titles Schemes Management Act 8 of 2011 (“the STSMA”) and Prescribed Management Rules (“PMRs”). This article takes a look at the quorum requirements and voting procedures at annual general meetings (“AGMs”) and special general meetings (“SGMs”), as…