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Marine Living Resources Act, 1998 (Act No. 18 of 1998)

Chapter 2 : Administration

10. Marine Living Resources Fund

 

(1) The Sea Fishery Fund referred to in section 27 of the Sea Fishery Act, 1988 (Act No. 12 of 1988), shall continue to exist under the name the Marine Living Resources Fund, notwithstanding the repeal of the said Act by section 84.

 

(2) Into the Fund there shall be paid, notwithstanding the provisions of any other Act, but subject to section 22—
(a) money paid in respect of fines, penalties and interest for any offence committed in terms of this Act, including any proceeds from the sale of any vessel, vehicle, aircraft, gear or fish forfeited or seized in terms of this Act;
(b) all interest and fees collected in terms of this Act;
(c) money appropriated by Parliament for the realisation of the objects of the Fund;
(d) interest on investments;
(e) donations, with the approval of the Minister in consultation with the Minister of Finance;
(f) money which, with the approval of the Minister in consultation with the Minister of Finance, may accrue to the Fund from any other source; and
(g) any levy on fish, fish products, aquatic plants or other marine resources, imposed and collected in terms of this Act, the Sea Fishery Act, 1988, or any other law.

 

(3) The Fund shall be administered by the Director-General in consultation with the Minister, in accordance with an estimate or a supplementary or revised estimate of revenue and expenditure approved by the Minister with the concurrence of the Minister of Finance in respect of every financial year, which shall end on 31 March, and no expenditure payable from the Fund may be incurred except in accordance with such estimate of expenditure.

 

(4) The Director-General shall be the accounting officer charged with the responsibility of accounting for money received and expenditure incurred by the Fund.

 

(5) The Director-General shall invest money in the fund not required for immediate use with the Public Investment Commissioners.

 

(6) Any unexpended balance in the Fund at the end of a financial year shall be carried forward as a credit in the Fund to the next financial year.

 

(7) The Auditor-General shall annually audit the books and accounts of the Fund.