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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

75. Investments of moneys by commissioner

 

(1) The commissioner shall invest with the Public Investment Commissioners any moneys in the State Account which are available for investment.

[Section 75(1) amended by section 43 of the Occupational Diseases in Mines and Works Amendment Act, No. 208 of 1993]

 

(2) The commissioner may after consultation with the advisory committee—
(a) invest any moneys in the Mines Account, the Works Account or the Research Account which are available for investment, in Government stock, Treasury bills, any stock guaranteed by the Government or any stock of a municipal or divisional council or public utility company, or with any commercial bank, building society or other financial institution approved by the Minister in consultation with the Minister of State Expenditure;

[Section 75(2)(a) amended by section 43 of the Occupational Diseases in Mines and Works Amendment Act, No. 208 of 1993]

(b) invest such moneys with the Public Investment Commissioners.

[Section 75(2)(b) amended by section 43 of the Occupational Diseases in Mines and Works Amendment Act, No. 208 of 1993]

 

(3) Any profit or loss on realization of moneys deposited with the Public Investment Commissioners shall accrue to or be borne by the account from which the deposit was made.

[Section 75(3) amended by section 43 of the Occupational Diseases in Mines and Works Amendment Act, No. 208 of 1993]

 

(4) Where the commissioner has lent any money on the security of a pledge or mortgage bond, he or she may, when enforcing his claim for repayment of the loan, with the approval of the advisory committee buy in the pledged or mortgaged property and thereafter sell that property.