Further Education and Training Colleges Act, 2006 (Act No. 16 of 2006)Regulations for the Registration of Private Further Education and Training Colleges, 2007Chapter 3 : Requirements for Registration10. Finance |
| 1) | An applicant must submit proof that - |
| a) | the income of the applicant is sufficient to sustain the offering of its programmes in an acceptable manner; and |
| b) | the applicant has a stable financial position that will enable it to maintain operational continuity. |
| 2) |
| a) | An applicant must submit proof that it has established financial surety or guarantee to ensure that it meets its obligations to its enrolled students. |
| b) | If an applicant is provisionally registered, such an applicant must submit, by a date determined by the registrar, proof of establishment of a financial surety or guarantee. |
| 3) | An applicant must establish the financial surety or guarantee contemplated in subregulation (2)(a) with a financial services provider accredited in terms of the relevant legislation to render such services or with its holding company, provided that such a holding company is listed in the stock exchange under the Securities Services Act, 2004. |
| 4) | The registrar may, on reasonable grounds, exempt an applicant from the requirement contemplated in subregulation (2)(a). |