Older Persons Act, 2006
R 385
Skills Development Act, 1998 (Act No. 97 of 1998)Chapter 7 : Financing Skills Development29. Control and administration of Fund |
| (1) | The Director-General is the accounting authority of the Fund as contemplated by section 49(2)(b) of the Public Finance Management Act and must— |
| (a) | control the Fund; |
| (b) | keep a proper record of all financial transactions, assets and liabilities of the Fund; |
| (c) | prepare annual financial statements for the Fund in the prescribed form; and |
| (d) | subject to the laws governing the public service, appoint the executive officer of the Fund who will, upon such appointment, be in the employ of the public service. |
| (1A) | The Fund must be managed in accordance with the Public Finance Management Act. |
| (2) | Any money in the Fund not required for immediate use may be invested in accordance with an investment policy approved by the Director-General that complies with the requirements of the Public Finance Management Act and may be withdrawn when required. |
| (3) | Any unexpended balance in the Fund at the end of the financial year must be carried forward to the next financial year as a credit to the Fund. |
| (4) | The annual financial statements contemplated in subsection (1)(c) must be submitted by the Director-General to the National Skills Authority for information as soon as possible after they have been prepared. |
[Section 29 amended by section 13 of Act No. 37 of 2008]
