Statistics Act, 1999
R 385
Housing Consumers Protection Measures Act, 1998 (Act No. 95 of 1998)Chapter IV : Financial Matters16. Management of Funds |
| 1) | The Council shall take prudent measures to manage the risks pertaining to the business of the Council, including any fund, and to secure that the fees or charges payable by home builders and provincial housing development boards to the Council are prescribed at levels which will be sufficient, in aggregate, to meet expected demands on the funds of the Council. |
| 2) | The Council shall appoint - |
| a) | a person having appropriate expertise in respect of fund management and appropriate financial and risk management expertise to act as a fund manager to any fund; and |
| b) | a committee, called the funds advisory committee, comprising not less than three and not more than seven persons having expertise in respect of fund management or appropriate financial or risk management expertise. |
| 3) | The Chief Executive Officer shall ex officio be a member of the funds advisory committee. |
| 4) | The funds advisory committee shall advise- |
| a) | the Council on the prudent management of its funds or any fund and the risks pertaining to it and shall make recommendations to the Council regarding procedures and policies for approval and implementation by the Council, relating to-- |
| i) | money obtained to be paid into its funds; |
| ii) | money obtained to be paid out of its funds generally and specifically for the purposes of section 15(2)(a) and (b), respectively; |
| iii) | the administration of its funds and any fund; |
| iv) | the investment of money in its funds or any fund; and |
| v) | the management of the risks pertaining to its funds or any fund; |
| b) | the Council Advisory Committee on any matter contemplated in section 23(9); and |
| c) | the Minister on his or her powers in terms of section 7(2)(e) and subsection (8). |
| 5) | The funds advisory committee shall report quarterly to the Council on the status of its funds or any fund and shall, where necessary, make recommendations to the Council in respect of the fees, levies and charges of the Council contemplated in subsection (1). |
| 6) | If at any time the funds of the Council appear insufficient to meet anticipated demands, the Council may, on the recommendation of the funds advisory committee and after the procedures referred to in section 17(3), (4) and (5), with the necessary changes required by the context, have been followed, increase the fees payable by home builders and provincial housing development boards in respect of the enrolment of homes contemplated in sections 14 and 14A. |
| 7) | The funds of the Council or any fund may, subject to subsection (4) and subject to the approval of the Minister with the concurrence of the Minister of Finance, be invested in accordance with the policies approved by the Council- |
| a) | with a financial institution as defined in section 1 of the Financial Institutions (Investment of Funds) Act, 1984 (Act No. 39 of 1984); |
| b) | with the Public Investment Commissioners; |
| c) | in commercial paper, the issuers of which have been approved by the Council on advice of the funds advisory committee; or |
| d) | in any other debt instrument that may be approved by the Council on the advice of the funds advisory committee. |
| 8) | The Minister may, if an actuarial assessment indicates excess free reserves in the funds of the Council or any fund, on the advice of the funds advisory committee, instruct the Council to lower any enrolment fee prescribed under section 7(1)(a)(iii). |
