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

Notices

Bargaining Council for the Furniture Manufacturing Industry

KwaZulu Natal

Extension to Non-Parties of the Provident Fund and Mortality Benefit Association Collective Agreement

Chapter lll

22. Financial control

Purchase

1	All expenses incurred in connection with the administration of the Mortality Benefit Association shall be a charge against the Mortality Benefit Association.

2	All monies not required to meet current payments and expenses shall be invested in:

(a)	savings accounts, permanent shares or fixed deposits with any registered bank or financial institution; and/or

(b)	internal registered stock as contemplated in section 21 of the Exchequer Act, (1975) (Act No. 66 of 1975); and/or

(c)	a registered unit trust; or

(d)	any other manner approved by the Registrar of Labour Relations.

3	The financial year of the Association shall end on 30 June of each year.

As soon as possible after 30 June of each year, the Association shall prepare a statement of all revenue and expenditure of the Association and a balance sheet showing the assets and liabilities in respect of the preceding period of 12 months ending 30 June, which shall be certified by the auditor and countersigned by the Chairman of the Mortality Benefit Association and the Secretary of the Council and shall be submitted to the Council together with any report by the auditor thereon.

5	The audited statement and balance sheet shall thereafter lie for inspection at the office of the Council and copies thereof shall, be submitted to the Registrar of Labour Relations as required by the Act.