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Higher Education Act, 1997 (Act No. 101 of 1997)

Chapter 2 : Council on Higher Education

16. Funds of CHE

 

(1) The funds of the CHE consist of—
(a) money appropriated by Parliament;
(b) donations, contributions and other income received by the CHE from whatever source; and
(c) money payable by any person, institution or organ of state for services rendered by the CHE or the Higher Education Quality Committee.

 

(2) The CHE—
(a) must in each financial year, at such time and in such manner as the Minister may determine, submit a statement of its estimated income and expenditure for the ensuing financial year to the Minister for his or her approval granted with the concurrence of the Minister of Finance;
(b) may in any financial year submit adjusted statements of its estimated income and expenditure to the Minister for his or her approval granted with the concurrence of the Minister of Finance;
(c) may not incur any expenditure which exceeds the total amount approved in terms of paragraphs (a) and (b).

 

(3) If the Minister does not approve the CHE’S statement of its estimated income and expenditure, the Minister must require the CHE to provide a revised statement within a specified period to him or her.

 

(4) The money contemplated in subsection (1) must be used by the CHE in accordance with the approved statement referred to in subsection (2), and any unexpended balance must be carried forward as a credit to the following financial year.

 

(5) Subject to subsection (4), the CHE may invest any portion of its funds in such manner as the Minister, with the concurrence of the Minister of Finance, may approve.