Labour Relations Act, 1995 (Act No. 66 of 1995)

Notices

Purchase

6.1	The Funds/Schemes shall consist of—

6.1.1

all the Funds /Schemes contributions;

[Chapter 6(6.1)(6.1.1) substituted by section 11(1) of Notice No. 333, GG43447, dated 19 June 2020]

6.1.2

all interest derived from the investment of any monies or assets of the various Funds add Schemes; and

6.1.3

all other monies to which the Funds/Schemes may become entitled.

6.2	All monies accruing to the Funds/Schemes shall be deposited to the credit of the particular Funds/Schemes in a separate account with a registered bank within three working days after receipt thereof.

6.3	The monies of the Funds/Schemes shall be used for payment of benefits, administration costs and expenditures in accordance with the rules of the various Funds/Schemes.

6.4	When benefits or loans granted become payable, the amount due from the Funds/Schemes shall be paid to beneficiaries or successful applicants by cheque, electronic transfer or cash.

6.5	All cheque payments from the Funds/Schemes shall be signed by three persons duly authorised by the Council or the Board of Trustees.

6.6	Any monies not required to meet current payment of benefits, administration costs and expenditures shall be invested only in terms of section 53(5) of the Act.

6.7	[Chapter 2(6)(6.7) deleted by section 11(2) of Notice No. 333, GG43447, dated 19 June 2020]