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

Constitutions

Constitution of the Information Systems (IT), Electronics and Telecommunications Technologies Sector Education and Training Authority (ISETT SETA)

Chapter Twenty-Six

26. Finances of the Authority

 

26.1 The Authority is financed from -
• Monies that accrued to the Authority in terms of regulations made under this act or in terms of any other applicable law;
• The skills development levies collected in this sector, Monies paid to the Authority from the National Skills Fund;
• Revenue obtained from investments of surplus monies;
• Fees obtained from services provided by the Authority;
• Donations, grants and bequests received from any person, body, government or administration; and
• Any other money received from any other source.

 

26.2 Moneys received by the Authority may be used only in the prescribed manner and to:
• Fund the performance of its functions
• Pay for its administration within the prescribed limit.

 

26.3 Monies referred to hereinbefore may be:
• Used as contemplated in Section 14 of the Act;
• Invested at any bank registered as such under the Banks Act 1990 (Act No 94 of 1990) or invested in such other manner as determined by the Authority; and
• Used to register or utilise any intellectual property of the Authority.

 

26.4 Any monies paid to the Authority in terms of donations received from any person, body, government or administration must be utilised in accordance with the conditions, if any, imposed by the donor of such monies;

 

26.5 The chairperson of the Authority must for each financial year submit a statement of estimated income and expenditure during such financial year to the Minister, who must approve the budget for:
• The first financial year before the first meeting of the Authority; and
• Every other financial year before the beginning of such financial year.