Trustee resolutions

In order to assist us with the performance of our duties we will require the Trustees to sign certain resolutions:

Interest resolution

This resolution determines the interest rate that we must charge owners who are in arrears with their levies.  Without this resolution we are only entitled to charge interest on arear levies in terms of the Prescribed Interest Rate Act.  Please ask your Portfolio Manager for a copy of the Interest Resolution currently in place for your complex.

Handover resolution

This resolution determines what actions must be taken by the managing agent insofar as a handover of an account may be needed to an external attorney. Without this resolution all decisions taken in this regard, insofar as handover of an account as well as each instruction an attorney may or may not take, must be taken by trustees themselves at a trustee meeting or by way of a round robin resolution, both of which being laborious and inefficient. This resolution allows the managing agent a mandate to determine when an account must be handed over to, select the best supplier for the handover, and to sign documents on behalf of the estate which may become needed to obtain judgments. This resolution also allows payment of legal fees as quickly as possible, in line with predetermined fee structures, to ensure the legal process is not delayed any further. Please ask your Portfolio Manager for a copy of the Handover Resolution currently in place for your complex.