Statistics Act, 1999
R 385
Public Finance Management Act, 1999 (Act No. 1 of 1999)Chapter 8 : Loans, Guarantees and other CommitmentsPart 1 : General principles68. Consequences of unauthorised transactions |
If a person, otherwise than in accordance with section 66, lends money to an institution to which this Act applies or purports to issue on behalf of such an institution a guarantee, indemnity or security, or enters into any other transaction which purports to bind such an institution to any future financial commitment, the state and that institution is not bound by the lending contract or the guarantee, indemnity, security or other transaction.
