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South African Schools Act, 1996 (Act No. 84 of 1996)

Chapter 4 : Funding of Public Schools

42. Financial records and statements of public schools

 

The governing body of a public school must—

(a) keep records of all investments, donations and funds received and spent by the public school and of its assets, liabilities and financial transactions;
(b) as soon as practicable, but not later than three months after the end of each financial year, draw up annual financial statements reflecting all the investments, donations and funds received and spent by the public school in accordance with the guidelines determined by the Member of the Executive Council.
(c) present the financial records and statements to a general meeting of parents; and
(d) inform the parents that the financial records and statements will be available for inspection at the school at least 14 days prior to the meeting referred to in paragraph (c).

 

[Section 42 substituted by section 31 of the Basic Education Laws Amendment Act, 2024 (Act No. 32 of 2024), Notice No 5212, GG51258, dated 16 September 2024 – effective 24 December 2024 per Proclamation Notice 237 of 2024]