Legal Practice Act, 2014 (Act No. 28 of 2014)Chapter 2 : South African Legal Practice CouncilPart 2 : Operation of Council22. Finances, expenditure and accountability of Council |
| (1) | The funds of the Council consist of— |
| (a) | fees, including subscription fees payable in terms of this Act; |
| (b) | an annual appropriation made by the Fund, the amount of which is determined by the Board after consultation with the Council; and |
| (c) | any other monies received by the Council in terms of this Act or accruing to the Council from any other source. |
| (2) | Expenditure incidental to the exercise of the powers or the performance of the functions of the Council in terms of this Act or any other law must be defrayed from the funds of the Council. |
| (3) | The executive officer— |
| (a) | must deposit all monies received by the Council with a bank approved by the Council; |
| (b) | may invest any monies of the Council which are not required for immediate use with a bank approved by the Council or in such other manner as the Council may determine in the rules; |
| (c) | is charged with the responsibility of accounting for money received or paid out for or on account of the Council; and |
| (d) | must cause the necessary accounting and other related records to be kept, including proper records of all the assets and liabilities of the Council. |
| (4) | The records referred to in subsection (3)(d) must be audited by a registered accountant and auditor appointed by the Council. |