Shareholding

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Can I actually own shares in a holiday resort?

Umzumbe Chalets Share Block Limited is fully owned and managed by its share block owners. Umzumbe Chalets is not part of any exchange group, ensuring that this resort retains its exclusivity.

For more information on available weeks, rates and any other information please
contact the Marketing Official at marketing@umzumbechalets.co.za.

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 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 its 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 rented out 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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