Special Investigating Units and Special Tribunals Act, 1996
R 385
National Environmental Management Act, 1998 (Act No. 107 of 1998)RegulationsFinancial Provisioning Regulations, 2015AppendicesAppendix 215. Compliance with the Statutory Obligations |
| 15.1 | The Trustees undertake to ensure that funds of the Trust shall be used only to allow the beneficiary properly to fulfil the Statutory Obligations. The funds will be placed at the disposal of such beneficiary to carry out the Statutory Obligations as and when so required. In the event that, at any time, the Minister of mineral resources gives notice to the beneficiary and the Trustees that the Statutory Obligations or any of them are required to be fulfilled, and (i) the beneficiary is insolvent, is or has been provisionally or finally liquidated or sequestrated, has been or is placed under supervision for business rescue proceedings, is financially distressed (as defined the Companies Act 71 of 2008, as amended from time to time), or (ii) the Trustees refuse to apply the funds of the Trust (or any applicable part thereof) to allow the beneficiary to fulfil the Statutory Obligations within 3 months of such notice from the Minister of mineral resources or (iii) the beneficiary, having been placed in funds by the Trustees, fails to apply such funds or allow their application in the approved manner to fulfil the Statutory Obligations (or any applicable part thereof) within 3 months of such notice from the Minister of mineral resources, then the Trustees shall, within 30 days of receipt by them of a notice to such effect from the Minister of mineral resources, pay over the funds of the Trust, or such portion thereof as from time to time as is notified to the Trustees by the Minister of mineral resources, to the Minister of mineral resources or his/her nominee in order to allow the Statutory Obligations to be fulfilled by the Minister of mineral resources or his/her nominee in place of the beneficiary. The undertakings in this clause shall be stipulations in favour of the Minister of mineral resources, the benefits of which may be accepted by him/her in any manner and at any time. |
| 15.2 | In fulfilling the before mentioned undertaking the amount made so available by the Trustees will be limited to funds held by the Trust. |
| 15.3 | Any provision of funds by the Trustees must be approved in advance in writing by the Minister responsible for mineral resources. |
