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OH 61

Learning Objectives. 5. Analysing the Rules Pertaining to an Informal and a Governing Body by: Comprehending the types of Informal Bodies Examining the Banking requirements of an Informal Body Examining the Banking requirements of a Governing Body of a Sectional Title. OH 61. Criteria.

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OH 61

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  1. Learning Objectives • 5. Analysing the Rules Pertaining to an Informal and a Governing Body by: • Comprehending the types of Informal Bodies • Examining the Banking requirements of an Informal Body • Examining the Banking requirements of a Governing Body of a Sectional Title OH 61

  2. Criteria • Analye the Rules Pertaining to an Informal and a Governing Body • Define an Informal Body • List the types of Informal Bodies • Describe the contractual capacity of an Informal Body • Define a Governing Body of a Sectional Title • Describe the Contractual Capacity of a Governing Body OH 62

  3. Types of Informal Bodies • Clubs and Associations • Friendly Societies • Building Funds (Schools and Churches) • Syndicates • The People’s Benefit Scheme OH 63

  4. Informal Body as a Legal Entity • Normally, an Informal Body is not regarded as a legal entity, except, if the Informal Body has a Constitution and it is clear from its Constitution that the following is applicable: • 1.The Informal Body must have continual succession • 2.  It must exist separately from its Members • 3.  It must be the sole owner of all its assets • 4.  There must be an indication that it has been the founder’s intention that the Informal Body should be empowered with corporate existence • 5. The Informal Body’s Members must have no rights to its assets OH 64

  5. Governing Body of a Sectional Title • The name of the Body Corporate must always reflect the name of the building and the scheme number • In itself, a Sectional Title has no contractual capacity and is not a legal entity • The legal entity is the Body Corporate of the building, consisting of: • The Trustees nominated by the title owners • Land that has been divided into sectional property in terms of the development scheme OH 65

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