| (1) |
The funds of the regulator shall consist of— |
| (a) |
license fees obtained under subsection (2); |
| (b) |
donations or contributions received from any person, institution, government or administration; and |
| (c) |
interest on investments. |
| (2) |
The Minister may, on receipt of the business plan and statement referred to in subsection (5)(b), by notice in the Gazette prescribe license fees that are payable by licensed, generators of electricity. |
| (3) |
License fees referred to in subsection (2) shall— |
| (a) |
only be imposed after— |
| (i) |
the amount and composition thereof and motivation therefor, based on the business plan submitted in terms of subsection (5)(b), have been published for comment and any resulting comment has been considered; and |
| (ii) |
the business plan and statement referred to in subsection (5)(b) have been approved; |
| (b) |
be valid for the period specified in the notice referred to in subsection (2); |
| (c) |
be payable in respect of the electricity, calculated in kilowatt hours, generated for supply by any licensee concerned during the previous calendar year; |
| (d) |
be payable by such licensee at the times and in the instalments determined by the regulator; and |
| (e) |
bear interest, in the case of non-payment or late payment, at such rate as the regulator may determine. |
| (i) |
shall utilise its funds to defray expenses in connection with the performance of its functions; and |
| (ii) |
may, with the approval of the Minister, granted with the concurrence of the Minister of Finance, establish and manage or cause to be managed a pension or provident fund or an alternative pension or provident fund for its employees. |
| (b) |
Donations and contributions referred to in subsection (1)(b) shall— |
| (i) |
only be accepted with the approval of the Minister, granted with the concurrence of the Minister of Finance; and |
| (ii) |
be utilised in accordance with the conditions determined by the donor or contributor concerned with such approval and concurrence. |
| (a) |
may, with the approval of the Minister, granted with the concurrence of the Minister of Finance, authorise the chief executive officer to invest any unspent portion of the funds of the regulator: Provided that any surplus at the end of a financial year shall be carried over to the next financial year and be utilised to defray expenses incurred by the regulator during that financial year; |
| (b) |
shall during each financial year, at such time as the Minister may determine, submit a business plan and statement of the regulator's estimated income and expenditure during the following financial year to the Minister for his or her approval, granted with the concurrence of the Minister of Finance; |
| (c) |
shall for the purposes of the Income Tax Act, 1962 (Act No. 58 of 1962), be deemed to be an institution contemplated in section 10(1)(cA)(i) of that Act. |
[Section 5B inserted by section 3 of Act No. 60 of 1995]
Gas Regulator Levies Act, 2002
