Marketing of Agricultural Products Act, 1996 (Act No. 47 of 1996)8A. Financing of Council |
| (1) | The funds of the Council shall consist of monies appropriated by Parliament and interest earned on investments by the Council. |
| (2) | The council shall utilise its funds for defraying expenses in connection with the performance of its functions. |
| (3) | The Council— |
| (a) | shall in each financial year, at the time determined by the Minister, submit a budget of its estimated income and expenditure during the following financial year for approval by the Minister obtained with the concurrence of the Minister of Finance; |
| (b) | may in any financial year, at any time submit supplementary budgetary inputs of its estimated expenditure for that financial year, to the Minister for his or her approval in consultation with the Minister of Finance; |
| (c) | shall not incur any expenditure which exceeds the total amount approved under paragraphs (a) and (b): |
| (d) | may with the approval of the ,Minister invest any surplus funds of the Council: Provided that any surplus at the end of a financial year shall be carried over to the next financial year and form part of the budget of the Council for that financial year. |
| (4) |
| (a) | The chairperson of the Council shall be the accounting officer charged with the responsibility of accounting for all money received and the utilisation thereof. |
| (b) | The accounting officer shall cause such records of account to be kept as are necessary to represent fairly the state of affairs of the Council and to explain the transactions and financial position of the Council. |
| (c) | The accounting officer shall submit year-end financial statements to the Minister within four months after the end of each financial year. |
| (5) | The Auditor-General shall audit the books of accounts, accounting statements and annual financial statements of the Council and shall submit a copy of the report on the audit of the said statements to the Council. |
| (6) | The financial year of the Council shall be the period from 1 April in any year to 31 March in the succeeding year. |