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National Railway Safety Regulator Act, 2002 (Act No. 16 of 2002)

Chapter 3 : Establishment and Governance of Railway Safety Regulator

17. Funds of Regulator

 

(1) The funds of the Regulator consist of —
(a) money appropriated by Parliament;
(b) fees paid to the Regulator in terms of section 23(2); and
(bB) penalties payable in terms of regulations made under section 45A(1);
(bB) fees for providing services as determined by the Minister in consultation with the Minister of Finance by notice in the Gazette;
(c) donations or contributions received by the Regulator, with the approval of the board after consultation with the Minister, from any source; and
(d) any other fees or sources of income determined by the Minister by notice in the Gazette.

[Subsection (1) substituted by section 9 of Act No. 69 of 2008]

 

(2) The Regulator must utilise its funds to defray expenses incurred by it in the performance of its functions.

 

(3) The chief executive officer must—
(a) open an account in the name of the Regulator with an institution registered as a bank in terms of the Banks Act, 1990 (Act No. 94 of 1990); and
(b) deposit therein all money received in terms of subsection (1).

 

(4) The chief executive officer may, on behalf of the Regulator, invest any money received in terms of subsection (1) which is not required for immediate use—
(a) with the Public Investment Commissioners referred to in section 2 of the Public Investment Commissioners Act, 1984 (Act No. 45 of 1984), with the approval of the Minister; or
(b) with such other institution determined by the board and the Minister, with the approval of the Minister of Finance.

 

(5) The Regulator may use interest derived from the investment referred to in subsection (4) to defray expenses in connection with the performance of its functions.

 

(6) The Regulator may, when it considers it necessary, with the approval of the Minister and with the approval of the Minister of Finance—
(a) authorise the establishment of such reserve funds; and
(b) deposit such funds therein.

 

(7) The Regulator must in each financial year, on or before a date determined by the Minister, submit a statement of its income and estimated expenditure for the following financial year to the Minister for approval.