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Amended Skills Development Act
29. Control and administration of Fund
as amended by the
Amendment - Skills Development Act - 2003, and Proposed Amendments to SETA's June 2006
Chapter 7 : Financing skills development
29. Control and administration of Fund
(1) The
Director-General is the accounting officer of the Fund in terms of the
Exchequer Act, 1975 (Act No. 66 of 1975) and must –
(a) control the Fund;
(b) keep a proper record of all financial transactions, assets and
liabilities of the Fund; and
(c) as soon as possible after the end of each financial year,
ending on the prescribed date, prepare accounts of the income and
expenditure of the Fund for the year and a balance sheet of its assets
and liabilities as at the end of that year.
(2) Any
money in the Fund not required for immediate use may be invested with
the Public Investment Commissioner or with a financial institution
approved by the Minister and may be withdrawn when required.
(3) Any
unexpended balance in the Fund at the end of the financial year must be
carried forward to the next financial year as a credit to the
Fund.
(4) The accounts and balance sheet contemplated in subsection (1)(c) must be submitted by the Director-General to the National Skills Authority for information as soon as possible after they have been prepared.
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