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South African Maritime Safety Authority Act, 1998 (Act No. 5 of 1998)

Chapter 4 : Finance

Part 1 : General

37. Assets and liabilities

 

(1) The assets of the Authority include—
(a) assets transferred to the Authority by or under this Act;
(b) any amount paid to the Authority out of money appropriated by Parliament for the purpose of funding the Authority;
(c) any amount payable to the Authority under any law or any instrument thereunder;
(d) amounts paid to the Authority in terms of section 44 of this Act and section 2 of the South African Maritime Safety Authority Levies Act, 1998;
(e) any reserves resulting from the operations of the Authority;
(f) any assets acquired by the Authority in the course of its operations.

 

(2) The liabilities of the Authority include—
(a) the amount determined under section 34;
(b) debts, liabilities and obligations of the State transferred to the Authority in terms of section 33;
(c) any debts incurred by the Authority in the course of its operations;
(d) any loans raised by the Authority.