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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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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

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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

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Types of Informal Bodies

  • Clubs and Associations
  • Friendly Societies
  • Building Funds (Schools and Churches)
  • Syndicates
  • The People’s Benefit Scheme

OH 63

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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

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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