Property ‘best practice’ up for review

2008-09-16 00:00

The South African Property Owners’ Association (Sapoa) this week announced that the property sector charter council has submitted its application for the property sector transformation charter to be gazetted under Section 9 of the Broad-Based Black Economic Empowerment Act (Act 53 of 2003) to the Department of Trade and Industry (DTI).

The charter, which was signed in March 2006, was gazetted under Section 12 of the act in October 2007. At the time, the document was developed in alignment with the DTI’s existing codes of good practice, which have subsequently evolved.

This necessitated that certain aspects of the charter be revised for gazetting under Section 9, which specifically addresses the codes of good practice that form the basis for every sector charter.

Portia Tau-Sekati, CEO of the property sector charter council, explained that once a Section 9 application has been submitted, it must be signed by the minister of Trade and Industry and then released for public comment for a 60-day period.

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