Implementation of the Sectional Titles Schemes Management Act (Act No. 8 of 2011) and the Sectional Titles Schemes Management Regulations, 2016.
Objective of the Circular
The Objective of the Circular is to provide operational guidelines and clarity on the implementation of the Sectional Titles Schemes Management Act (Act No. 8 of 2011) (“STSMA”) and the Sectional Titles Schemes Management Regulations (2016) (“the Regulations”). The Circular is not intended to amend, replace, override or supersede the STSMA and the Regulations.
It covers the following aspects of the implementation of the STSMA and the Regulations:
Reserve Funds – establishment of and calculation of minimum amounts; provision for contributions and dealing with potential financial burden problems.
Rules – Issues regarding the substitution and amendment of, or repeal of prescribed management rules in terms of section 10(2).
AGM Requirements - and their effect.
Financial Reporting Framework and Auditing Pronouncements – in terms of MR 26.