| (1) |
The funds of the Authority consist of— |
| (a) |
monies appropriated by Parliament; |
| (b) |
fees paid to the Authority by property practitioners; |
| (c) |
all monies derived from any investments in terms of section 33(2); and |
| (d) |
all other monies which may accrue to the Authority from any other source. |
| (2) |
The Authority must utilise its funds to defray the expenses incurred by it in the performance of its functions and the exercise of its powers, but— |
| (a) |
any monies or other property donated or bequeathed to the Authority must be utilised in accordance with the conditions of such donation or bequest; and |
| (i) |
after an inspection or investigation has found that a property practitioner failed to comply with any duty imposed upon him or her in terms of this Act; |
| (ii) |
has incurred any liability to pay costs in respect of any proceedings instituted by it in terms of this Act for the recovery from a property practitioner of any amount which is payable by him, her or it to the Authority or the Fund; or |
| (iii) |
has incurred any liability to pay audit fees in respect of an audit done on the instructions of the Authority in a case where an audit contemplated in section 54 has not been done, |
the Authority may recover the costs of such inspection or investigation in so far as it relates to such duty or the taxed amount of such costs on an attorney and client scale or the amount of such audit fees, as the case may be, from the property practitioner concerned.
| (3) |
The Minister must by notice in the Gazette, prior to the commencement of the Act and thereafter annually prior to the beginning of a financial year of the Authority, after consultation with the Board, determine the fees payable in terms of or under this Act. |
Older Persons Act, 2006
