IT IS OPEN!!!! THE NAMA OFFICE IN DURBAN, KWAZULU NATAL IS UP AND RUNNING
Welcome to our secretary, VANIDA MOODLEY, of our Durban office. Her contact details are as follows:
Telephone: (031) 309 8790
Fax: (Landline to computer): 088 031 309 8791
Fax: (Normal fax machine to fax machine) (031) 309 1360
Cell: 083 979 2488
Postal address:
96 - 1st Avenue
Greyville
4001
A great thanks to Barbara Shingler for all her help in setting up this office.
We now have 3 secretarial offices on the go, which will only be to the benefit and progress of Nama
EDUCATION AND TRAINING PROGRAMME
Congratulations to Graham Paddock and Associates for setting up the first training programme to start December 2005.
Telephone number error! See the attachment to my e-mail dated 10 October received from Graham Paddock. On page two the contact telephone number is incorrect and should be (021) 425 2800. Please rectify your records
Graham informed us as follows: "The course fee (R6,840 including VAT) includes electronic courseware, access to and use of the course website, assignments, an examination and attendance at the three day compulsory workshop/ lectures (which may end off with the exam). I confirm that the course fee does not include travel or accommodation"
Companies should include this course in their Training programmes and will then be able to claim up to 80% of their contributions in that specific year.
WESTERN CAPE MEMBERSHIP MEETING – 20 OCTOBER 2005
(See my e-mail of 5 Oct 2005)
To get the Western Cape Region going again this meeting will be of the utmost importance to all our Cape Town members.
So come on guys show your solidarity and make a special effort to be there in person (or Proxy)
Please let your secretary know whether you will attend the meeting in order for her to organise the venue and snacks
Nicol Bright's phone number is (021) 421 4488 or you may fax your proxies to (021) 421 4499
DATE: 20 OCTOBER 2005
TIME: 11H00
VENUE:
BOARD ROOM,
22ND FLOOR,
STANDARD BANK BUILDING,
FORESHORE,
CAPE TOWN
GAUTENG NORTH (Pretoria) REGION DONE IT AGAIN!!
On 8 October 2005 the Gauteng North region held a "Trustee in Action" seminar at the campus of UNISA.
The number of Trustees enrolled for this seminar was 280. By any standard this is absolutely incredible.
Thanks to Amelia Steyn and her support team for this excellent occasion.
According to Amelia the reason for their success lies in their efforts to get all the Managing Agents to 'buy in' from the very beginning. The B/C's bear the costs for their trustees to attend the seminar as it will be to the benefit of their S/T schemes
EAAB IN TURMOIL
Five members of the EAAB board have resigned following the completion of a forensic audit into its affairs
The alleged irregularities apparently relate to the redecorating of the EAAB's offices, false claims for training that was not provided, false expense claims, irregular promotions and "jobs for pals"
The previous financial accounts of the EAAB were qualified "which is indicative that something is wrong"
The EAAB's board, which was supposed to hold monthly meetings, had not held a meeting since April this year, raising questions about many of its operations.
(Business Report, October 4, 2005)
EAAB SAYS FIDELITY FUND IS FINANCIALLY SOUND
The EAAB has moved swiftly in the wake of newspaper reports of the board being in turmoil to emphasise that the Fidelity Fund is "financially sound"
Today's statement from the Board welcomed the findings of a forensic audit report, pointing out that Nomonde Mapetla had commissioned it when she had taken up her appointment. "When I took office as CEO of the Board, I commissioned a full audit of the Fidelity Fund and of the EAAB account"
"The EAAB continues to serve its constituents and the public by protecting the rights of consumers while maintaining the highest ethical standards within the estate agents' industry" she concluded.
CONTINGENT LIABILITIES NOT DISCLOSED
Due to the fact that a B/C when utilising the services of a financier receive their levies on the first day of every month there can be a perception that at a year end there are no debtors outstanding, and yet if the financier submits a debtors balance the amount can at times run into thousands of Rands.
Usually the contract between the financier and the B/C have a clause that the entire debt become payable by the B/C should the contract be terminated for whatever reason.
If this is not reflected as a contingent liability on the financial statements of the B/C a purchaser may make a decision to buy into the scheme based on a "clean" set of financial statements when in fact there could be an enormous "liability" as they would become a party to the debt in having purchased.
Auditors beware!!
FROM THE DESK OF MARINA CONSTAS
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RULE 59(2) – CHAIRING OF GENERAL MEETINGS
"If there is no such chairman or if, at any meeting, the chairman of the trustees is not present within fifteen minutes after the time appointed for holding of the meeting, or he is unwilling or unable to act as chairman, the members present shall elect a chairman for such meeting."
The meaning of this is that the Managing Agent can chair the meeting
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RULE 62 - ONE VOTE FOR ONE SECTION ON A SHOW OF HANDS (CLARIFIED AT LAST)
On a show of hands the owner of a section, or if the owner is a juristic person, its proxy, shall have one vote for each section owned: Provided that the chairman shall be entitled, in his discretion, to change the manner of voting to one by poll and not show of hands
THE TIME IS ALWAYS RIGHT TO DO WHAT IS RIGHT
(MARTIN LUTHER KING - JNR)
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