| (1) |
The commercial services provided by the Corporation must— |
| (c) |
commission a significant amount of their programming from the independent sector; |
| (d) |
subsidise the public services to the extent recommended by the Board and approved by the Minister; and |
| (e) |
be operated in an efficient manner so as to maximise the revenues provided to its shareholder. |
| (2) |
The Corporation must, by not later than the date three months prior to the date of conversion, submit to the Minister for approval— |
| (a) |
proposed budget in respect of the commercial service division listing revenue, expenditure, borrowings and appropriation of funds for the financial year following the date of conversion; and |
| (b) |
a three-year business plan containing details of operational plans, marketing and financial plans and policies prepared in compliance with the objectives of the commercial service of the Corporation and in compliance with the general objectives of this Act covering the commercial service obligation of the Corporation in respect of the conduct of business of the commercial service division for the three financial years following the date of conversion. |
| (a) |
keep proper and accurate books and records of the financial affairs of the commercial service division separately from those of the public service division; |
| (b) |
procure in addition to the annual financial statements of the Corporation drawn up in terms of section 20, audited annual financial statements prepared in respect of the commercial service division in accordance with generally accepted accounting practice separately from those in respect of the public service division; and |
| (c) |
submit to the Minister within four months after the end of the financial year of the Corporation - |
| (i) |
an annual written report on the activities of the commercial service division during the financial year of the Corporation preceding the date of the report; |
| (ii) |
the financial statements of the commercial service division for the preceding financial year of the Corporation in question after the statements have been audited by the auditors of the Corporation; and |
| (iii) |
the report of the auditors on the financial statements of the commercial service division for the financial year of the Corporation |
[Section 11 substituted inserted by section 12 of Act No. 64 of 2002, GG 24340, dated 4 February 2003]
Gas Regulator Levies Act, 2002
