DISQUALIFICATIONS RELATING TO FIDELITY FUND CERTIFICATES

No fidelity fund certificate shall be issued to -

a) any estate agent who or, if such estate agent is a company, any company of which any director, or if such estate agent is a close corporation, any corporation of which any member referred to in paragraph (b) of the definition of 'estate agent' -

i) has at any time by reason of improper conduct been dismissed from a position of trust;

ii) has at any time been convicted of an offence involving an element of dishonesty;

iii) is an unrehabilitated insolvent in respect of whom the trustee of the insolvent estate has not certified that the insolvent is a fit and proper person to assume a position of trust and to be issued with a fidelity fund certificate;

iv) is of unsound mind;

v) has been dealt with in accordance with section 30(3)(a);

vi) does not comply with the prescribed standard of training;

vii) does not have the prescribed practical experience;

A) any estate agent who -

i) has failed in respect of his financial year which has expired before the date on which application for a fidelity fund certificate is made, to comply with any provision of section 29(b) or section 32(3)(b); or

ii) has at any time been guilty of any act or omission in respect of which any person had to be compensated pursuant to the provisions of section 18 from the fund, unless the estate agent has repaid the relevant amount in full to the board, or the board is of the opinion that satisfactory arrangements for the settlement of such amount have been made and has confirmed such arrangements;

B) any estate agent referred to in paragraph (a) of the definition of 'estate agent' if such estate agent carries or intends to carry on business as an estate agent under a trade name which is identical or confusingly similar to the trade name of an estate agent -

i) already issued with a fidelity fund certificate; or

ii) whose fidelity fund certificate is suspended or has lapsed or been withdrawn in terms of this Act;

b) any estate agent who is a director of a company, or who is a member referred to in paragraph (b) of the definition of 'estate agent', of a close corporation -

i) of which the fidelity fund certificate was withdrawn by the board in terms of section 28 or 30;

ii) which was prohibited in terms of section 32(6) from operating in any way on its trust, savings or other interest-bearing account referred to in section 32(2)(a),

iii) or any estate agent who within a period of six months before or on the date on which such fidelity fund certificate was so withdrawn or such company or close corporation was so prohibited, was a director of such company, or such a member of such close corporation:

Provided that if in respect of any person who is subject to any disqualification referred to in this section, the board is satisfied that, with due regard to all the relevant considerations, the issue of a fidelity fund certificate to such person will be in the interest of justice, the board may issue, on such conditions as the board may determine, a fidelity fund certificate to such person when he or she applies therefore.    


 




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