Maryna holds the BA, LLB, LLM degrees and is a Director at the Cape Town offices of STBB. She is an admitted Attorney, Notary Public and Conveyancer with many years of experience in the field of property law and conveyancing. She is also the firm's Marketing Director and attends to external publications for the firm as well as conducts ongoing training for estate agent and bankers training and is a regular seminar presenter for attorneys and property practitioners.

Property Law Update | Issue 44 – 2016

FFC IN NAME OF COMPANY, NOT CC: NO COMMISSION

Brodsky Trading 224 CC v Cronimet Chrome Mining SA (Pty) Ltd and Others (39/2016) [2016] ZASCA 175 (25 November 2016)

An estate agent’s Fidelity Fund Certificate (FFC) is a prerequisite for the agent to operate and earn commission. The law requires further that where the agent is a company or close corporation (CC), a FFC is required for both the company or CC and the directors or members. This matter dealt with a commission claim by an agency that converted from a company to a close corporation and, at the time the sale transaction was concluded, a FFC existed for the company and director although the agency was by then a close corporation. Could the commission claim succeed on the basis that there was at least ‘substantial compliance’ with the FFC requirement?

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The Judgment
Summary of the Judgment

STBB’S STSMA REFERENCE GUIDE

In this, the sixth set of notes for your STSMA Reference Guide, the details of section 7 of the Act are provided. It deals with trustees of bodies corporate.

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Section 7 of the Act – Trustees of the Body Corporate
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