Housing Development Schemes for Retired Persons Act, 1988 (Act No. 65 of 1988)4B. Alienation of land subject to right of occupation |
| (1) | Unless at least 75 per cent of the holders of rights of occupation in a housing development scheme consent thereto the land concerned may not be alienated free from such rights: Provided that the holders of the rights of occupation shall in the case of such an alienation have preferent claims in respect of the proceeds of the sale of land, which claims shall, notwithstanding the provisions of any other law— |
| (a) | rank in priority over the claim of any mortgagee; and |
| (b) | be equal to the amount paid in terms of paragraph (a) of the definition of right of occupation. |
| (2) | Any alienation taking place without the consent of the holders as contemplated in subsection (1) shall be null and void. |
[Section 4B inserted by section 3 of Act No. 70 of 1990]