Nomination as a Trustee

Can I nominate myself to be a Trustee? When voting for the Trustees can I vote for myself?

There is nothing in the STSM Act preventing anyone from nominated themselves as a Trustee (unless you are disqualified ito the Act to be a Trustee) and unless there is a reason for your vote not to count on an ordinary resolution (i.e. judgement or CSOS order against you) then there is nothing in the Act that prevents you from voting for yourself.

 

PMR 6

  • A trustee ceases to hold office if that trustee—
  • by written notice to the body corporate, resigns from office; same
  • is declared by a court to be of unsound mind; same; but declared by court is new
  • is or becomes insolvent and the insolvency results in the sequestration of that trustee’s estate; same
  • is convicted, or has been convicted in the Republic or elsewhere, of theft, fraud, forgery, perjury or any other offence involving dishonesty; amended to include the bold part
  • is sentenced to imprisonment without the option of a fine; new
  • is removed from an office of trust on account of misconduct in respect of fraud or the misappropriation of money; new
  • is removed from office by ordinary resolution of a general meeting; provided the intention to vote on the proposed removal was specified in the notice convening the meeting; same
  • is or becomes disqualified to hold office as a director of a company in terms of the Companies Act, 2008 (Act No. 71 of 2008); or – same

(i)   fails or refuses to pay the body corporate any amount due by that trustee after a court or adjudicator has given a judgment or order for payment of that amount. (No longer 60 days thing)

PMR 20

(2)     Except for special and unanimous resolutions, a member is not entitled to vote if—

  • a member fails or refuses to pay the body corporate any amount due by that member after a court or adjudicator has given a judgment or order for payment of that amount; or
  • that member persists in the breach of any of the conduct rules of the scheme referred to in section 10(2)(b) of the Act after a court or an adjudicator has ordered that member to refrain from breaching such rule.