| (1) |
The funds of the ARC shall consist of— |
| (a) |
money appropriated by Parliament to finance the functions of the ARC; |
| (b) |
money paid to the ARC in terms of subsection (4); |
| (c) |
money received by virtue of contracts and the functions performed by the ARC; |
| (e) |
fees or royalties referred to in section 24(2) which are paid to the ARC; |
| (f) |
the proceeds from the sale of shares, and from dividends on shares held by the ARC, in any company referred to in section 4(1)(m)(iii); |
| (g) |
donations or contributions which the ARC may receive from any person, institution, government, administration or any other source; |
| (h) |
interest on investments by the ARC. |
(2)
| (a) |
The ARC shall utilise its funds for defraying expenses in connection with the performance of its functions and the exercise of its powers. |
| (b) |
The ARC shall utilise any money contemplated in subsection (1)(a) in accordance with the statement of its estimated income and expenditure referred to in subsection (3), as approved by the Minister: Provided that, subject to the provisions of paragraph (a), the ARC may utilise any amount or portion of any amount required to be so utilised for a particular purpose in connection with a specified matter, for any other purpose in connection with that matter: Provided further that the ARC may, with the concurrence of the Minister, utilise any balance of the money remaining at the end of the ARC's financial year in question, for any expenses in connection with the exercise of its powers or the performance of its functions. |
| (c) |
The ARC shall utilise any donations or contributions contemplated in subsection (1)(g) in accordance with the conditions, if any, imposed by the donor or contributor concerned. |
(3)
| (i) |
shall in each financial year, at a time determined by the Minister, submit a statement of its estimated income and expenditure during the following financial year; and |
| (ii) |
may in any financial year at any time submit supplementary statements of its estimated expenditure for that financial year, to the Minister for his approval, granted with the concurrence of the Minister of Finance. |
| (b) |
The ARC shall not incur any expenditure which exceeds the total amount approved under paragraph (a). |
| (4) |
The ARC may, in respect of any work performed or services rendered by it under this Act, or for the use of its facilities or rights consequent upon any discoveries, inventions or improvements, charge such fee or make such other financial arrangement as it may deem fit. |
(5)
| (a) |
The ARC may invest any unexpended portion of its funds with the Corporation for Public Deposits established by section 2 of the Corporation for Public Deposits Act, 1984 (Act No. 46 of 1984), or, subject to the approval of the Minister acting with the concurrence of the Minister of Finance, dispose thereof in any other manner. |
| (b) |
The ARC may establish such reserve funds and deposit therein such amounts as the Minister, acting with the concurrence of the Minister of Finance, may approve. |
| (c) |
The ARC may pay over to a trust contemplated in section 4(1)(m)(iv) only— |
| (i) |
donations or contributions contemplated in subsection (1)(g) that are subject to conditions; and |
[Subsection (5)(c) inserted by section 3 of of Act No. 174 of 1993]
Statistics Act, 1999
