Page 42 - Robin Twaddle PTG 2017 Digital
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CHECKLIST WHEN BUYING OR SELLING A PROPERTY FROM A TRUST
1. Review the Review the clauses specifically pertaining to the powers and authority
Trust deed of the Trustees to act, in particular that the Trustees have the
requisite capacity to contract on behalf of the trust regarding the
2. Letters of acquisition or disposal of property.
Authority
Check that the Trustees are duly authorised to act in terms of the
3. FICA most recent Letters of Authority issued by the Master of the High
Court, or Masters Certificate recording Trustees changes (Cape Town).
4. Board of
Trustees Keep copies of all signing Trustees’ Identity documents, and other
FICA documentation as required by the Financial Intelligence Centre
5. Administrative Act (38 of 2001).
requirements
Check that the Board of Trustees is properly constituted, and that
the minimum number of Trustees as required by the Trust Deed are
appointed.
Ensure that the Trustees have issued the necessary authority for one
Trustee to act on their behalf, failing which, all Trustees are required
to sign the necessary documentation. A prior resolution of Trustees
is required authorising the purchase of any immovable property
in the name of the Trust. If this is not effected, all of the Trustees
will be required to sign the Deed of Sale. Review the Trust deed to
ensure that all minutes of meetings as required have been properly
executed.
Prime Bank Overdraft Rates
Effective Date Rate
30.01.2014 9.00%
18.07.2014 9.25%
24.07.2015 9.50%
20.11.2015 9.75%
29.01.2016 10.25%
17.03.2016 10.50%
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