| (1) |
The Competition Commission is financed from— |
| (a) |
money that is appropriated by Parliament for the Commission; |
| (b) |
fees payable to the Commission in terms of this Act; |
| (c) |
income derived by the Commission from its investment and deposit of surplus money in terms of subsection (6); and |
| (d) |
money received from any other source. |
| (2) |
The financial year of the Competition Commission is the period from 1 April in any year to 31 March in the following year, except that the first financial year of the Commission begins on the date that this Act comes into operation, and ends on 31 March next following that date. |
| (3) |
Each year, at a time determined by the Minister, the Commissioner must submit to the Minister a statement of the Competition Commission's estimated income and expenditure, and requested appropriation from Parliament, in respect of the next ensuing financial year. |
| (4) |
The Competition Commission must open and maintain an account in the name of the Commission with a registered bank, or other registered financial institution, in the Republic, and— |
| (a) |
any money received by the Commission must be deposited into that account; and |
| (b) |
every payment on behalf of the Commission must be made from that account. |
| (5) |
Cheques drawn on the account of the Competition Commission must be signed on its behalf by two persons authorised for that purpose by resolution of the Commission. |
| (6) |
The Competition Commission may invest or deposit money of the Commission that is not immediately required for contingencies or to meet current expenditures— |
| (a) |
on a call or short-term fixed deposit with any registered bank or financial institution in the Republic; or |
| (b) |
in an investment account with the Corporation for Public Deposits established by section 2 of the Corporation for Public Deposits Act, 1984 (Act No. 46 of 1984). |
| (7) |
The Commissioner is the accounting authority of the Competition Commission for purposes of the Public Finance Management Act, 1999 (Act No. 1 of 1999). |
[Section 40(7) substituted by section 13 of Notice No. 1354, GG 21880, dated 13 December 2000]
| (8) |
[Section 40(8) deleted by section 13 of Notice No. 1354, GG 21880, dated 13 December 2000] |
| (9) |
Within six months after the end of each financial year, the Commissioner must prepare financial statements in accordance with established accounting practice, principles and procedures, comprising— |
| (a) |
a statement reflecting, with suitable and sufficient particulars, the income and expenditure of the Competition Commission during the preceding financial year; and |
| (b) |
a balance sheet showing the state of its assets, liabilities and financial position as at the end of that financial year. |
| (10) |
The Auditor General must audit the Competition Commission's financial records each year. |
Copyright Act, 1978
