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Skills Development Act, 1998 (Act No. 97 of 1998)

Constitutions

Constitution of the Energy Sector Education & Training Education (ESETA)

21. Finances of the SETA

 

21.1 The ESETA shall be financed from:
(a) The skills development levies, interest and penalties collected in respect of the ESETA as allocated in terms of sections 8(3)(b) and 9(b) of the Levies Act;
(b) Monies paid to it from the National Skills Fund;
(c) Income earned on surplus monies deposited or invested;
(d) Income earned on services rendered in the prescribed manner;
(e) Monies received from any other legal source.

 

21.2 The monies received by the ESETA must be managed as contemplated in sections 14(2) and 14(3) of the Act.

 

21.3 All money, funds, property or other assets owned, vested in, held, acquired or received by the ESETA shall be held, controlled and administered by the Executive Committee, and shall be applied to the achievement of the objectives of the ESETA in accordance with its policies and this constitution, to fund the performance of its functions and to pay for its administration.

 

21.4 Any banking account opened in the name of the ESETA shall be operated by the Chief Executive Officer and one other co-signatory appointed from the members of the Executive Committee by the Authority. In the event of the position of the Chief Executive Officer being vacant or of the Chief Executive Officer being unavailable due to incapacity or similar reason, the Executive Committee shall appoint a co-signatory in his/her place until such time as the Chief Executive Officer returns to office.

 

21.5 The Authority, through the Executive Committee assisted by the Audit Committee, shall, in accordance with the standards of generally accepted accounting practice:
(a) Keep proper record of all its financial transactions; assets and liabilities:
(b) Submit annually to the Department, within one month after receipt of the audited financial statements from the Auditor-General, an original copy of such financial statements; and
(c) For purposes of sound financial management the Authority must comply with the applicable provisions of the Public Finance Management Act, 1999 (Act No.1 of 1999).

 

21.6 The books of account, statements of account and financial statements of the Authority must be audited annually by the Auditor-General. The Auditor-General will compile a report on the audit and submit a copy of it to the Minister and the Chairperson of the Authority. The Chairperson must provide each member of the Authority with a copy of the report of the Auditor General.