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AUTHORITY TO INVEST IN TERMS OF SECTION 78(2A) OF THE ATTORNEYS ACT NO

By Johnny Walker,2014-08-11 20:14
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AUTHORITY TO INVEST IN TERMS OF SECTION 78(2A) OF THE ATTORNEYS ACT NO

AUTHORITY TO INVEST IN TERMS OF SECTION 78(2A) OF THE ATTORNEYS ACT

    NO. 53 OF 1979

I/We the undersigned,

    __________________________________

hereby confirm the authority given to

    DENEYS REITZ INCORPORATED

    (Registration No. 1984/003385/21)

    (“the Company”)

    to invest the sum of R________________ of my/our money, upon terms in their sole and absolute discretion, with any registered financial institution of their choice on call account, such investment to be held on my/our behalf until I/we on 48 (forty eight) hours notice, request the Company to terminate such investment, alternatively until registration of transfer of the following property:

Stand _______________________ Seasons Sport and Spa

    to me/us, whereafter the said sum shall be paid out in accordance with my instructions.

    I/We confirm that the investment will be in the name of the Company and under its exclusive control but will be identified in my/our name by Section 78 (2A) of the Attorneys Amendment Act 53 of 1979. Any commission or interest earned on such investment shall be for my/our benefit.

    I/We authorise the Company to deduct an administration fee, based on the following sliding scale on the amount/s invested:

R1 - R100 000 2.50% per annum

    R100 001 - R500 000 1.50% per annum

    R500 001 - R1 000 000 1.25% per annum

    R1 000 001 - R5 000 000 0.75% per annum

    Amounts in excess of - R5 000 000 To be negotiated

    I/We hereby authorise the Company to issue or procure the issue of any guarantees or undertakings that may be required under the Agreement of Sale against this investment, and agree to pay the cost thereof which is to be deducted from the interest against the said sum of R_________________ I/We authorise the Company to pledge the said sum to the issuing banking institution, should they require, as security for any claims, losses, demands, liability, costs and expenses of whatsoever nature arising out of or in consequence of having entered into or executed any such guarantee.

    I/We hereby authorise the Company to sign any documents or undertakings to give effect to the aforesaid pledge.

    Generally for effecting the purpose aforesaid, I/we authorise the Company to do or cause to be done whatsoever shall be requisite, as fully and effectually for all intents and purposes, as I/we might or could do if personally present and acting herein, hereby ratifying, allowing and confirming and promising and agreeing to ratify, allow and confirm all and whatsoever the Company shall lawfully do or cause to be done, by virtue of these presents.

    DATED at this day of 2007.

     ________________________________

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