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In terms of the Trust Property Control Act 57 of 1988 (the Act) the definition of a Trust can be paraphrased as, a design whereby a person’s ownership interest in assets is, by way of a trust instrument, put under the care, control and trust of other persons referred to as Trustees and/or beneficiaries, for the benefit of nominated beneficiaries.
The essence behind a Trust is the transfer of ownership of property from the Trust Founder to the Trust, while putting its control under the Trustees, for the advantage of the beneficiaries. The duties and responsibilities of the Trustees are fiduciary in nature and as such they must perform them with good faith, honesty, diligence, skill and uphold the best interests of the Trust and its beneficiaries.
The assumption of a position or office comes with specific responsibilities and duties. The anticipation is that the bearer will perform the duties as required and expected, within set confines. These parameters are what define roles so as to achieve coordinated and oriented outcomes.
The issuing of the Letter of Authority as Trustee by the Master of the High Court signals the assumption of office as Trustee to the designated party. It is at this point that the responsibilities, authority and duties as a Trustee begin to be binding and effective.
Since the dawn of the Covid-19 pandemic and the subsequent lockdown restrictions to contain the spread, most businesses have been pushed into financial dire straits as the markets plummet. While the tech industry has significantly grown, especially the big tech companies in Silicon Valley and anywhere else in the world, it is mostly those industries which solely operate on physical interaction terms which have been at the most disadvantage.
The Alienation of Land Act provides that for immovable property sale transactions of R250 000 and below, a cooling off period of 5 business days applies. In this period the purchaser may notify the seller and revoke the offer with no consequences.
Lease agreements are no different either, tenants are in a position to study a lease agreement before signing off and accepting rented properties. Despite having lesser bargaining power, tenants may also negotiate terms of the lease agreement with the landlord before parties eventually settle on what they agree on.
In a statement on 28 July the Minister of Finance estimated that the damage in KwaZulu Natal alone stands at R15 Billion, which by far exceeds the capitalisation of the public entity which is liable for loss emanating from public disorder, riots, and violence, being SASRIA.
SASRIA is an acronym for South African Special Risks Insurance Association which is a short-term insurance public entity listed under Schedule 3B of the Public Finance Management Act 1 of 1999, owned by the State and under the control of the National Treasury.
Owing to the recent protests and looting in some parts of Kwa-Zulu Natal and Gauteng, there has been much talk in the media and streets about the South African Special Risks Insurance Association (SASRIA) and its role as a short-term insurance public entity.
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