Statistics Act, 1999
R 385
South African Council for Educators Act, 2000 (Act No. 31 of 2000)Chapter 2 : Continuation, Powers and Duties, Composition and Governance of Council19. Funds of council |
| (1) | The funds of the council consist of— |
| (a) | compulsory fees; |
| (b) | money appropriated by Parliament; |
| (c) | money received from donations, contributions, interest or fines; and other money received by the council from any other source. |
| (2) | The council— |
| (a) | must during each financial year, at such time and in such manner as the Minister may determine, submit to the Minister for approval a detailed statement of its estimated income and expenditure for the ensuing financial year; |
| (b) | may during any financial year submit to the Minister for approval adjusted statements of its estimated income and expenditure; and |
| (c) | may not incur any expenditure which exceeds the total amount approved in terms of paragraphs (a) and (b). |
| (3) | If the Minister does not approve the statement of estimated income and expenditure of the council, the Minister must request the council to submit a revised statement of its estimated income and expenditure within a specified period. |
(4)
| (a) | The funds contemplated in subsection (1) must be used by the council in accordance with the approved statement referred to in subsection (2). |
| (b) | Any unexpended balance must be carried forward as a credit to the following financial year. |
| (5) | Subject to subsection (4), the council may invest any portion of its funds in such manner as the council may approve. |
| (6) | The books of account and financial statements of the council must be audited at the end of each financial year by a chartered accountant registered in terms of the Public Accountants’ and Auditors’ Act, 1991 (Act No. 80 of 1991), appointed by the council. |
| (7) | A copy of the audited financial statements must be submitted to the Minister within three months after the end of the council’s financial year. |
