Umzumbe Chalets Share Block Limited is fully owned and managed by it's share block owners. Umzumbe Chalets is not part of any exchange group, ensuring that this resort retains it's exclusivity.
For more information on available weeks, rates
and any other information please
contact the Marketing Official at Umzumbe
Chalets during office hours.
A simplified overview of Shareholding:
Umzumbe Chalets Share Block Limited was registered
as the owner of the land and buildings, and each
Chalet was allocated a number of shares (known as
the "share block") in the company which entitles
the registered Shareholder to the exclusive use and
occupation of the Chalet. This means that a person
is acquiring a share in a company entitling him/her
to use and occupy a specific chalet for a specified
period. A shareholder does not become the owner of
the unit he merely has a right to use and occupy it.
His rights are regulated by the constitution of the
Share Block Company and by the Use Agreement concluded
between him and the company. The operation of a Share
Block Scheme is regulated by the Share Blocks
Control Act.
To qualify as a shareholder, the shares must be
transferred to the purchaser. This transfer must
comply with the normal requirements for the transfer
of shares prescribed by the Companies Act and must
take place in accordance with the Articles of the
Company.
If
the
articles
restrict
the
transfer
of
shares
based
on
certain
conditions,
these
conditions
must
be
met
before
transfer
can
be
undertaken.
This
could,
for
example
be
related
to
the
age
of
the
purchaser.
The whole complex is called Umzumbe Chalets Share Block
Limited and consists of 56 self catering A-frame Chalets.
The format is that each Chalet is divided up into 48 weeks
(A copy of this schedule can be faxed or e-mailed upon
request) and each week's shares are sold to private
individuals, companies or a combination of both with
all it's registered Shareholders paying an annual levy
for amenities, maintenance, staff etc. This levy is
determined each year by the Board of Directors on the
Annual Budget Meeting in February. Shareholders are
encouraged to attend the Annual General Meeting (notification
to be sent out in accordance with the Company Acts and
Statutes)
To submit an enquiry about Shareholding or to become a Shareholder please contact us .
ACCOMMODATION
Rental Pool :
The "Rental Pool" section consists of Rentals done on behalf of Shareholders. These unused weeks are "sold" on a daily or weekly basis to the general public as self catering units.
These unused weeks are either the weeks that are not used by the current Shareholders of the specific shares or weeks that have not been sold yet.
The Shareholders have to advise the Resort that their unit is available for Rental. The rental prices depend solely on the registered Shareholder of the Chalet/s. To submit an enquiry about rental accommodation or to make a reservation please contact us .
For Terms And Conditions visit our FAQ's page.
Disclaimer:
Please note that this page about the Share Block
is provided purely for informational purposes and is
intended only to give an overview of the Share Block.
It is not intended to be, nor should it be taken as,
a legal description of the Share Block.
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