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Regulation 25 Bridging loans

Original text. Later amendments are not shown.

An executry practitioner shall not enter into or maintain any contract or arrangement with a bank or other lender in terms of which the executry practitioner may draw down loan or overdraft facilities in his name for behoof of clients unless–

(a)

the executry practitioner shall in every case before drawing down any sums in terms of such contract or arrangement have intimated to the bank or other lender–

(i)

the name and present address of the client for whom the loan or overdraft facilities are required; and

(ii)

the arrangements for repayment of the loan or overdraft facilities; and

(b)

the contract or arrangement does not impose personal liability for repayment of any such loan or overdraft facilities on the executry practitioner.