| 1) | The constitution of a training board desiring accreditation shall, subject to the provisions of this section, provide for - |
| a) | the composition of the training board; |
| b) | the appointment of members of the training board and their alternates from the ranks of representatives of the parties to the training board; |
| c) | the industry and area of jurisdiction of the training board; |
| d) | the legal personality of the training board; |
| e) | the extent to which the liability of the parties to the training board shall be limited; |
| f) | the financing of the activities of the training board in the relevant industry and area and the appointment, if necessary, of a body to manage the funds of the training board; |
| g) | the appointment, removal, duties and powers of office-bearers, officers and authorised persons; |
| h) | the occasions when or the circumstances in which members shall vacate their offices; |
| i) | the procedure at meetings; |
| j) | the procedure for the handling of disputes in connection with training in the relevant industry and area; |
| k) | the admission of additional employers, employers’ organisations, industrial councils or trade unions as parties to the training board; |
| l) | the keeping of proper books of account, and the auditing thereof and of related documents at least once every calendar year by a person registered as an accountant and auditor in terms of the Public Accountants’ and Auditors’ Act, 1951 (Act No. 51 of 1951), and the making available by the training board to the parties or to their representatives, and to the registrar, of copies of the accounts and statements and the auditor’s report thereon; |
| m) | subject to the provisions of subsection (3), the manner of investment of funds which are not required for immediate use; |
| n) | the establishment of an executive committee, training committees and other committees, to which the training board may delegate or assign any of its powers and functions set out in its constitution or in this Act, to perform on its behalf, which delegation or assignment may in the discretion of the relevant training board at any time be varied or withdrawn; |
| o) | amendments of the constitution, copies of which must be submitted to the registrar for approval not less than 14 days prior to the date of coming into operation thereof; |
| p) | the dissolution and winding-up of the training board and its funds; and |
| 2) | If the training board without reasonable explanation fails to furnish the registrar with copies of the accounts and statements and auditor’s report referred to in subsection (1)(l) within three months after the date of expiry of the financial year of the training board, the training board shall be guilty of an offence. |
| 3) | The moneys referred to in subsection (1)(m) shall only be invested in - |
| a) | internal registered stock within the meaning of section 21 of the Exchequer and Audit Act, 1975 (Act No. 66 of 1975); |
| b) | National Savings Certificates; |
| c) | Post Office savings accounts or certificates; |
| d) | savings accounts, permanent shares or fixed deposits in building societies or banks, |
or in such other manner as may be approved by the registrar after consultation with the relevant training board.
| 4) | Every training board shall make its constitution available in both official languages to the parties to the training board. |
