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Occupational Diseases in Mines and Works Act, 1973 (Act No. 78 of 1973)

Chapter V : Commissioner, Advisory Committee and Compensation Fund

61. Establishment and management of compensation fund

 

(1) There is hereby established a fund to be called the Mines and Works Compensation Fund.

 

(2) The compensation fund shall subject to the provisions of this Act be controlled and managed by the commissioner.

 

(3) There shall be transferred to the compensation fund—
(a) all assets and moneys which immediately before the commencement of this Act were the property or stood to the credit of the General Council for Pneumoconiosis Compensation, or the Pneumoconiosis Compensation Fund, which existed under the previous Act; and
(b) all liabilities which immediately before such commencement were liabilities of the said council.

 

(4) The commissioner shall receive all moneys payable to or for the benefit of the compensation fund in terms of this Act and shall credit to the compensation fund, in accordance with the provisions of this Act, all such moneys and all moneys which in terms of this Act are to be paid to and are received by the commissioner.

 

(5) The commissioner shall deposit the moneys of the compensation fund in a bank approved by the Minister for that purpose, and no money so deposited shall be paid out by the commissioner otherwise than by means of an order signed by two persons approved by the Director-General in consultation with the Secretary to the Treasury, directing payment on behalf of the commissioner.