Intellectual Property Rights from Publicly Financed Research and
R 385
Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)Chapter 10 : Municipal EntitiesPart 3 : Accounting officers96. Asset and liability management |
| (1) | The accounting officer of a municipal entity is responsible for the management of— |
| (a) | the assets of the entity, including the safeguarding and maintenance of those assets; and |
| (b) | the liabilities of the entity. |
| (2) | The accounting officer must, for the purposes of subsection (1), take all reasonable steps to ensure that the entity has and maintains— |
| (a) | a management, accounting and information system that accounts for proper assets and liabilities of the management systems of the municipal entity, and |
| (b) | a system of internal control of assets and liabilities, including an asset and liabilities register, as may be prescribed. |
