Older Persons Act, 2006
R 385
Agricultural Produce Agents Act, 1992 (Act No. 12 of 1992)12. Establishment and control of fidelity fund |
[Section 12 heading substituted by section 13 of Act No. 47 of 2003]
| (1) | There is hereby established a fund to be known as the Fresh Produce Agents Fidelity Fund. |
| (2) | The fund shall consist of— |
| (a) | money in the fidelity guarantee fund established under section 27 of the Agricultural Produce Agency Sales Act, 1975 (Act No. 12 of 1975); |
| (b) | each amount which is immediately prior to the commencement of this section payable to or on the account of the fund referred to in paragraph (a), and is paid on or after such date of commencement; |
| (c) | money paid to or on account of the fund in terms of subsection (4) by fresh produce agents; |
| (d) | money recovered by or on behalf of the fund in terms of this Act; |
| (e) | income derived from the investment of money in the fund; and |
| (f) | any other money accruing to the fund from any other source. |
[Section 12(2) substituted by section 11 of Act No. 47 of 2003]
| (3) |
| (a) | Each fresh produce agent other than a person employed by such an agent shall annually before or on a date determined by the council pay to the council for the account of the fund an amount calculated on such basis or in such manner as the council may determine. |
| (b) | A determination by the council in terms of paragraph (a) shall be made with due regard to the purpose for which the fund has been established, as well as the present assets and future obligations of the fund. |
[Section 12(3) substituted by section 11 of Act No. 47 of 2003]
(4)
| (a) | Subject to the provisions of this Act, the fund is established to reimburse producers for direct losses suffered by them as a result of— |
| (i) | theft, committed by a fresh produce agent, of any money or agricultural produce entrusted by or on behalf of the producers thereof to him or her as a fresh produce agent; and |
| (ii) | dishonest conduct by a fresh produce agent in so far as such conduct relates to agricultural produce. |
| (b) | Notwithstanding the provisions of paragraph (a), the Minister may, if he or she is of the opinion that the balance of the fund is sufficient to meet the obligations contemplated in that paragraph, approve that such portion of the income referred to in subsection (2)(f) (e) as may be determined by him or her, be made available to the council for utilization as contemplated in section 11(2). |
[Section 12(4) substituted by section 11 of Act No. 47 of 2003]
| (5) | The fund shall be controlled and administered by the council in accordance with the provisions of this Act. |
[Section 12(5) substituted by section 11 of Act No. 47 of 2003]
| (6) | The council may invest any money in the fund not required for immediate use at a deposit-taking institution. |
[Section 12(6) substituted by section 11 of Act No. 47 of 2003]
| (7) | The financial year of the fund shall terminate on such date in each year as the council may determine. |
[Section 12(7) substituted by section 11 of Act No. 47 of 2003]
| (8) | No provision of any law relating to insurance shall apply in respect of the fund. |
[Section 12(8) substituted by section 11 of Act No. 47 of 2003]
| (9) | The provisions of section 11(6), (7), (8) and (9) shall mutatis mutandis apply to the fund. |
[Section 12(9) substituted by section 11 of Act No. 47 of 2003]
