Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002)Chapter X : Domain Name Authority and AdministrationPart 4 : Finances and reporting66. Finances of Authority |
| (1) | All money received by the Authority must be deposited in a banking account in the name of the Authority with a bank established under the Banks Act, 1990 (Act No. 94 of 1990), or a mutual bank established under the Mutual Banks Act, 1993 (Act No. 124 of 1993). |
| (2) | The chief executive officer is the accounting officer of the Authority and must ensure that— |
| (a) | proper record of all the financial transactions, assets and liabilities of the Authority are kept; and |
| (b) | as soon as possible, but not later than three months after the end of a financial year, accounts reflecting the income and expenditure of the Authority and a balance sheet of the assets and liabilities of the Authority as at the end of that financial year are prepared and submitted to the Board and Minister. |
| (3) | The Authority is funded from— |
| (a) | the capital invested in or lent to the Authority; |
| (b) | money appropriated by Parliament for that purpose; |
| (c) | income derived from the sale or other commercial exploitation of its licenses, approvals, products, technology, services or expertise in terms of this Act; |
| (d) | loans raised by the Authority; |
| (e) | the proceeds of any sale of assets; |
| (f) | income or interest earned on the Authority's cash balances or on money invested by it; and |
| (g) | money received by way of grant, contribution, donation or inheritance from any source inside or outside the Republic. |
| (4) | The funds of the Authority must be utilised to meet the expenditure incurred by the Authority in connection with its functioning, business and operations in terms of this Act. |
| (5) |
| (a) | The money may be so utilised only as provided for in a statement of the Authority's estimated income and expenditure, that has been approved by the Minister. |
| (b) | Money received by way of grant, contribution, donation or inheritance in terms of subsection (3)(g), must be utilised in accordance with any conditions imposed by the grantor, contributor, donor or testator concerned. |
| (6) |
| (a) | The Board must in each financial year, at a time determined by the Minister, submit to the Minister for approval a statement of the Authority's estimated income and expenditure for the next financial year. |
| (b) | The Board may at any time during the course of a financial year, submit a supplementary statement of estimated income and expenditure of the Authority for that financial year, to the Minister for approval. |
| (c) | The Minister may grant the approval of the statement referred to in paragraph (a), with the agreement of the Minister of Finance. |
| (d) | The Authority may not incur any expenditure in excess of the total amount approved under paragraph (c). |
| (7) | The Board may establish a reserve fund for any purpose that is connected with the Authority's functions under this Act and has been approved by the Minster, and may allocate to the reserve fund the money that may be made available for the purposes in the statement of estimated income and expenditure or supplementary statement contemplated in subsection (6). |
| (8) | To the extent that the Authority is provided with start-up capital by the State, the Authority may, at the election of the Minister of Finance, be made subject to the Public Finance Management Act, (Act No. 1 of 1999), until such time as the Authority, to the satisfaction of the Minister of Finance, becomes self-sustaining through the alternative sources of revenue provided for in subsection (3). |