| (1) |
The Commission is financed from— |
| (a) |
money that is appropriated by Parliament; |
| (c) |
income derived from the 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 Commission is the period from 1 April in any year to 31 March in the following year, except that the first financial year 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 Commission must submit to the Minister a statement of its estimated income and expenditure, and the requested appropriation from Parliament, in respect of the next ensuing financial year. |
| (4) |
The Commission must open and maintain an account in its name with a registered bank, or other registered financial institution, in the Republic, and— |
| (a) |
deposit any money received into that account; and |
| (b) |
every payment made on its behalf must be made from that account. |
| (5) |
Cheques drawn on the account of the Commission must be signed on its behalf by two persons authorised for that purpose by a resolution of the Commission. |
| (6) |
The Commission may invest or deposit money that is not immediately required for contingencies or to meet current expenditures in— |
| (a) |
a call or short-term fixed deposit account with any registered bank or financial institution in the Republic; or |
| (b) |
an investment account with the Corporation for Public Deposits established in terms of section 2 of the Corporation for Public Deposits Act, 1984 (Act 46 of 1984). |
| (8) |
The Chief Commissioner must prepare financial statements for the Commission within six months after the end of each financial year in accordance with established accounting practice, principles and procedures, consisting of— |
| (a) |
a statement reflecting, with sufficient particulars, the income and expenditure of the 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. |
| (9) |
The Auditor-General must each year audit the financial records of the Commission. |
[Date of commencement of section 24: 21 February 2003]
Older Persons Act, 2006
