Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Codes of Good Practice on Black Economic Empowerment

Marketing, Advertising and Communication (MAC) Sector Charter

3. Constitution of the MAC Charter Council

9. Funding
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9.1The council will be funded by the stakeholders, in a manner agreed to and accepted by all. Each stakeholder which is a member of the MAC Charter Council shall pay an annual contribution towards the costs of the MAC Charter Council, the amount of which shall be determined in the manner set out in 9.2.

 

9.2Prior to the commencement of each financial year of the MAC Charter Council, the budget of the council for the following financial year shall be prepared by the Secretariat following discussions with MAC SA members. The annual budget will be prepared for MAC Charter Council approval at the last meeting of the board in the then current financial year.

 

9.3The budget determined in the manner referred to in 9.2 shall bind the MAC Charter Council.