BREAKING: Here’s your sectional title, community scheme regulations
The regulations in terms of the Sectional Titles Schemes Management Act (STSMA), 2011 (Act No. 8 of 2011) and the Community Schemes Ombud Service (CSOS) Act, 2011 (Act No. 9 of 2011) are effective from today (7 October, 2016).
Published in the Government Gazette today, the CSOS Act spells out in detail the activities of the board, changes to levies and service fees and terms of good governance. Copies of community scheme registration forms as well as annual return forms are also included to help guide trustees in community and share schemes.
The STSMA regulations finally provide clarity on reserve funds requirements, extra risks against which the scheme needs to insure against, as well as management and conduct rules.
The following exceptions apply regarding date of taking effect:
The Regulations on the fees and levy collection of the will only commence 90 days from date of publication.
The provisions of the CSOS Regulations relating to the registration of the schemes will be effective 30 days from date of publication.
The provisions of the CSOS Regulation regarding the filing of Schemes Governance Documentation will take effect 90 days from date of publication.