Financial Management of Parliament Act, 2009 (Act No. 10 of 2009)Chapter 4 : Cash Management and Investment28. Restrictions on borrowing, guarantees and other transactions |
| (1) | Parliament may not— |
| (a) | borrow money; |
| (b) | issue a guarantee or security; or |
| (c) | enter into any other similar transaction that binds or may bind it to any future financial commitment. |
| (2) | Neither the state nor Parliament is bound by a loan, guarantee, security or other transaction entered into in breach of subsection (1). |
| (3) | Subsection (1) does not prevent Parliament from— |
| (a) | issuing or being bound by guarantees for loans in terms of a housing or motor vehicle scheme administered by Parliament for its employees; |
| (b) | entering into any operating lease agreement for the use of property or equipment; or |
| (c) | using credit cards, fleet management cards or other credit facilities repayable within 30 days from the date on which an account is rendered. |