Construction Industry Development Board Act, 2000 (Act No. 38 of 2000)Chapter Five : Financial Management24. Funding of Board |
| (1) | The funds of the Board consist of— |
| (a) | money appropriated by Parliament, for the achievement of the objects of the Board; |
| (b) | income derived by virtue of the exercise and performance of its powers, functions and duties; |
| (c) | donations or contributions received by the Board from any source with the approval of the Minister; |
| (d) | any other income, including interest earned on any investment made in terms of this section. |
| (2) | The Board must— |
| (a) | use its funds to defray expenses incurred by it in the exercise of its powers and the performance of its functions and duties; |
| (b) | use donations or contributions contemplated in subsection (1)(c) for such purposes and in accordance with such conditions, if any, as are specified by the donor or contributor concerned, with the approval of the Minister. |
| (3) | Subject to section 7 of the Public Finance Management Act, 1999 (Act No. 1 of 1999), the chief executive officer must open an account in the name of the Board with an institution registered as a bank in terms of the Banks Act, 1990 (Act No. 94 of 1990). |
| (4) | The Board may invest any unspent part of the Board’s funds and use interest accrued on such investments to defray expenses in connection with the exercise of its powers and the performance of its functions and duties. |
| (5) | The Board may, with the approval of the Minister and the Minister of Finance, authorise the establishment of such reserve funds and deposit such amounts therein as the Board deems necessary and desirable. |
| (6) | The Board must in each financial year, at such time as determined by the Minister, submit a statement of the Board’s estimated income and expenditure for the following year to the Minister and the Minister of Finance for their approval. |
| (7) | The Board must comply with the applicable provisions of the Public Finance Management Act, 1999. |