| (1) |
The Council shall derive its income from— |
| (a) |
Financial contributions levied in terms of section 10 of the Act, which shall be determined by the Council at a general meeting from time to time. These are currently an amount equivalent to 10% of all benefits received by a Society from bequests, legacies, and other testamentary dispositions, as well as any trust or similar entity of which the Society is a beneficiary (income or capital) upon the death of any person associated therewith. These contributions are payable annually in arrears at least 10 clear days before the annual general meeting of the Council, and shall be accompanied by a typed reconciliation showing how the contribution has been calculated; |
| (b) |
funds raised by it in such manner it deems appropriate in accordance with the provisions of the Nonprofit Organisations Act, No 71 of 1997, as amended; |
| (c) |
interest, rental, dividends, profits and returns on its investments or the employment of its property; |
| (d) |
fees, charges or any consideration payable for services rendered, advice given or property sold by it; |
| (e) |
donations, gifts, annuities, legacies, bequests, inheritances or other disposition, award or benefit made in its favour, or to which it may be entitled; |
| (f) |
any other source available to it. |
| (2) |
The Board shall be entitled to compound, waive, abandon, or vary its right to receive financial contributions from Societies. |
| (3) |
The income and property of the Council shall be applied solely towards the promotion of and compliance with the objects of the Council, the exercise its powers and fulfilment of its obligations in terms of the Act and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus, or otherwise to its Members, Directors or employees: Provided however that nothing herein contained shall prevent payment in good faith or remuneration to any director, officer, Member or servant of the Council for any services rendered to the Council or in reimbursement of expenses incurred in carrying out the business or attending to the affairs of the Council, in terms of Article 15. |
[Clause 4 substituted by section 1 of Constitution of Board Notice 223, GG46000, dated 04 March 2022]
Intellectual Property Rights from Publicly Financed Research and
