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Natural Scientific Professions Act, 2003 (Act No.27 of 2003)

15. Funds of Council and keeping and auditing of accounts

 

(1) The funds of the Council consist of money received in terms of this Act and all other monies which may accrue to the Council from any other lawful source.

 

(2) The Council may, subject to section 66 of the Public Finance Management Act, 1999 (Act No. 1 of 1999)—
(a) raise money by way of a loan, subject to the approval of the Minister and the Minister of Finance, for the purpose of effectively performing its functions;
(b) mortgage, subject to the approval of the Minister and the Minister of Finance, any of its immovable property as security for a loan referred to in paragraph (a).

 

(3) The Council must remunerate its members, committee members and officials only from its funds.

 

(4) The Council may finance any publication contemplated in section 10(e).

 

(5) The Council may establish and administer a fund for the purpose of the education and training of students in the natural scientific professions and for the continued education and training of registered persons in compliance with the national developmental imperatives.

 

(6) The Council must keep full and correct account of all monies received and expended by it.

 

(7)
(a) The Council must annually prepare a statement of income and expenditure and a balance sheet showing its financial position as at the close of the financial year to which it relates.
(b) The Council must have the statement and balance sheet audited by an auditor registered in terms of the Public Accountants' and Auditors' Act, 1991 (Act No. 80 of 1991).
(c) A copy of the audited statement and balance sheet must be open for inspection at the offices of the Council.

 

(8) The Council must, within six months from the close of each financial year, submit the audited statement and balance sheet to the Minister and must provide a copy to the Director-General.

 

(9) The Minister may, with the concurrence of the Minister of Finance and on request of the Council-
(a) advance or grant to the Council, out of money appropriated by Parliament, such amounts as the Minister considers necessary;
(b) determine the conditions to and repayment of the advance.

 

(10) The financial year of the Council ends on the date determined in the Public Finance Management Act, 1999 (Act No. 1 of 1999).

 

(11) The Council must apply due care, diligence and full transparency when investing any money or appropriating any expenditure from the funds of the Council.