| 1) | There is hereby established a fund to be known as the Manpower Development Fund, hereinafter referred to as the fund, into which shall be paid - |
| a) | money appropriated by Parliament for the fund from time to time; |
| b) | amounts repaid in respect of loans granted in terms of subsection (4), as well as interest paid in respect of such loans; |
| c) | any interest earned in terms of subsection (5); |
| d) | any other money which may accrue to the fund from any other source. |
| 2) | The Director-General shall, subject to the directions of the Minister, be responsible for the administration of the fund, including - |
| a) | the control over payments from the fund; and |
| b) | the collection, for the benefit of the fund, of all money due or accruing to the fund, |
and shall for the purposes of the Exchequer and Audit Act, 1975 (Act No. 66 of 1975), and the regulations made thereunder, be the accounting officer in relation to the affairs of the fund.
| 3) | The Director-General shall keep a proper record of all money paid into and out of the fund, and the accounts relating to the fund shall be audited by the Auditor-General. |
| 4) | The money in the fund shall be utilised for the granting of loans, on such conditions as the Minister may after consultation with the board determine, to be utilised for the purposes of a regional training centre, private training centre, industry training centre or scheme referred to in section 39(4), or of a scheme for the training of employees to which the provisions of an agreement which has in terms of section 48 of the Labour Relations Act, 1956 (Act No. 28 of 1956), been declared binding, relate. |
| 5) | Any money in the fund which is not required for immediate use, shall be invested with the Public Debt Commissioners and may be withdrawn when required for use. |
| 6) | Any unexpended balance in the fund at the end of any financial year shall be carried forward as a credit in the fund to the ensuing financial year. |
| 7) | Applications for loans in terms of subsection (4) shall be lodged with the Director-General on the prescribed form. |
