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Housing Act, 1997 (Act No. 107 of 1997)

Part 5 : Financing of Housing Development

11. South African Housing Fund

 

1) The South African Housing Fund established by section 12B(1)(a) of the Housing Arrangements Act, 1993 (Act No. 155 of 1993), continues to exist for the purposes of financing activities in terms of this Act, despite the repeal of that Act by section 20.

 

2) The Fund consists of—
a) all money which immediately before the commencement of this Part stood to the credit of the Fund or, subject to this section, was payable to the Fund;
b) all money appropriated by Parliament to strengthen the capital of the Fund; and
c) contributions from any source for the purposes of housing development.

 

3) Despite anything to the contrary in the Exchequer Act, 1975 (Act No. 66 of 1975), all the available money of the Fund may be utilised for the purposes as set out in this Act.

 

4) Any money in the Fund which is not required for immediate use, must be invested with the Commissioner for Public Investments.

 

5)
a) The Director-General is—
i) for the purposes of the Exchequer Act, 1975, and the regulations made thereunder, the accounting officer in respect of the money in the Fund; and
ii) responsible for the administration of the Fund.
b) The Director-General is not the accounting officer in respect of money after it has been paid out in accordance with section 12.

 

6) The financial year of the Fund is 1 April of any year to 31 March of the following year.

 

7)
a) The Director-General must as soon as possible after, but within four months of 31 March in each year, submit detailed statements signed by him or her showing the result of the previous year’s transactions and the balance sheet of the Fund to the Minister.
b) The Minister must without delay submit to Parliament such statements and balance sheet.

 

8)
a) The books and statements of account and balance sheet of the Fund must be audited by the Auditor-General.
b) The Auditor-General may require any person (including any municipality, company or other body and any person in the employ of such municipality, company or body) to make available for examination all books, registers and documents in his or her possession or under his or her control which would, in the opinion of the Auditor-General, facilitate the carrying out of such audit.