Acts Online
GT Shield

National Empowerment Fund Act, 1998 (Act No. 105 of 1998)

25. Funds of Trust

 

 

(1) The Chief Executive Officer of the Trust is charged with the responsibility of accounting for all assets, shares or money received by the Trust, and payments, discharges or loans made by the Trust.

 

(2)        The trust assets or funds must not form part of the assets of the trustees.

 

(3)        The funds of the Trust consist of—

(a)        money appropriated by Parliament;

(b)        interest or income derived from investments of the Trust; and

(c)        grants, donations and bequests made to the Trust;

(d)        money lawfully obtained by the Trust from any other source.

 

(4)        The financial year of the Trust is the period extending from 1 April in any year to 31 March in the succeeding year.

 

(5)        The Board must—

(a)        keep proper records of all the financial transactions, assets and liabilities of the Trust;

(b) prepare financial statements, as soon as possible but not later than six months after the end of the financial year or such other period as the Minister may by notice in the Gazette determine.

 

(6)        

(a) The financial statements of the Trust must be audited by an auditor or firm of auditors registered in terms of section 20 of the Public Accountants and Auditors Act, 1991 (Act No. 80 of 1991), appointed by the Board. The audit must be completed within six months from the end of the financial year of the Trust.

 

(7) The chairperson of the Board must furnish the Minister with such information as the Minister may require relating to the activities of the Trust.