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If history is an indicator, Bodies Corporate need adequate protection against rogue Managing Agents.
There are various ways a Body Corporate can protect itself against unfortunate incidents.
Prescribed Management rule 29.2(b) states that the trustees obtain fidelity cover for the maximum funds held in the current account as well as investment accounts of the Body Corporate. We would furthe... Read more
The decision to change Managing Agents can often be an agonising and troublesome task, in part due to the operational input the Managing Agent has on the Body Corporate and its finances.
If the Owners in a scheme feel there are sufficient grounds to change Managing Agents, they should inform the Managing Agent of their intention to change and thereafter call for and evaluate proposals from ... Read more
other risks than building cover. Many complexes have paving, water frontage, open and enclosed balconies, thatched pool houses or units, or are situated in a high lightning belt. The normal cover of a complex would not be sufficient for the abovementioned. Trustees must request from their insurance broker to send out a professional to include paving which could subside, water frontage ... Read more
On occasion there have been claims submitted for walls that have either cracked or fallen over due to a tree’s roots that have grown under the wall and lifted it. These claims have been repudiated due to the fact that this is seen as an occurrence that could have been prevented by the trustees or owner prior to the tree been left that long in order to cause this problem. However, shoul... Read more
PMR 29 (2)(b) “ to procure to the extent, if any, as determined by the members of the body corporate in a general meeting a fidelity guarantee in terms of which shall be refunded any loss of moneys belonging to the body corporate or for which it is responsible, sustained as a result of any act of fraud or dishonesty committed by any insured person being any person in the service of the body ... Read more
Use of claims payments and why it is preferable to pay directly into the Body Corporate or Managing Agent's trust accountSection 37 (1) (h) of the Sectional Titles' Act mentions that all insurance monies received must be used for the reason of the claim in respect of damages. In other words, the money paid out cannot be used for anything else and must be used to reinstate the damaged property. If,... Read more
No business shall be transacted at any general meeting (annual and special) unless a quorum of persons or by proxy is present at the time the meeting proceeds to business.
A quorum at a General Meeting shall be:
Bodies corporate with ten units or less: At least 50% of the votes in number and value in person or by proxy.
Bodies corporate with less than 50 units but more than 10 units: At least... Read more
Geyser Replacement Dispute:PMR 29 stipulates all the rules pertaining to insurance in a complex and specifically PMR 29 (4) whereby owners shall be responsible for any excesses.PMR 68 (vii) goes further to instruct owners to maintain the hot water installation. The Act makes no mention of owners having the responsibility of replacing geysers - only maintaining them (eg. valves, elements).Unless a ... Read more
The importance of organizations such as NAMA
NAMA, the National Association of Managing Agents, is an important functionary body in sectional title management today.
It is not compulsory for Managing Agents to be members of NAMA, but one should always ensure that their managing agents are registered as FULL STATUS members with NAMA. All members of NAMA are bound by the code of conduct whic... Read more
When is the right time to change Managing Agents?
One of the most common problems in Sectional Title developments today is that Owners are saddled with Managing Agents who are either unwilling or unable to service the needs of the Body Corporate.
In practice, this creates much uncertainty in the building and can give a building a reputation for being mismanaged or have inadequate... Read more
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