| (1) | The Minister must, after consultation with the CHE and with the approval of the Minister of Finance, determine the policy on the funding of national institutes for higher education and publish such policy by notice in the Gazette. |
| (2) | The Minister must, subject to the policy determined in terms of subsection (1), allocate public funds to national institutes of higher education on a fair and transparent basis. |
| (3) | The Minister may, subject to the policy determined in terms of subsection (1), impose— |
| (a) | any reasonable condition in respect of an allocation contemplated in subsection (2); and |
| (b) | different conditions in respect of different national institutes of higher education, if there is a reasonable basis for such differentiation. |
| (a) | money appropriated by Parliament; |
| (b) | donations or contributions; |
| (c) | money raised by the institute; and |
| (a) | must keep a record of all— |
| (i) | funds received and spent; |
| (ii) | assets and liabilities; and |
| (iii) | financial transactions; |
| (b) | must, once in each financial year, submit to the Minister, at the time and in the manner which the Minister may determine, a statement of estimated income and expenditure for the ensuing financial year for approval by the Minister and the Minister of Finance; |
| (c) | may in any financial year submit an adjusted statement of its estimated income and expenditure to the Minister for approval by the Minister and the Minister of Finance; and |
| (d) | may not incur any expenses which exceed the total amount approved in terms of paragraph (b) or (c), as the case may be. |
| (6) | If the Minister does not approve of the board’s statement of estimated income and expenditure or adjusted statement of estimated income and expenditure contemplated in subsection (5)(b) or (c), as the case may be— |
| (i) | inform the board in writing of the fact that the statement concerned was not approved; and |
| (ii) | indicate in writing a time period in which the board must submit a revised statement of estimated income and expenditure, which period may not be less than 30 calendar days; |
| (b) | the board must submit a revised statement of estimated income and expenditure to the Minister within the specified period; and |
| (c) | the Minister must consider the revised statement of estimated income and expenditure for approval as contemplated in subsection (5)(c). |
(7)
| (a) | The funds contemplated in subsection (4) must be used in accordance with the approved statement referred to in subsection (5) or (6), as the case may be. |
| (b) | Any funds not utilised within a specific financial year must be carried over as a credit to the following financial year. |
| (8) | Subject to subsection (7), the board may invest any portion of its funds in such manner as the Minister and the Minister of Finance may approve. |
[Section 49S inserted by section 29 of Notice No. 21, GG 40548, dated 17 January 2017]
