| (1) | The funds of the Authority consist of— |
| (a) | moneys appropriated by Parliament to perform its functions; |
| (b) | moneys which accrue to the Authority in terms of regulations made under this Act or in terms of any other applicable law; |
| (c) | revenue obtained from investments; |
| (d) | fees obtained from services provided by the Authority; |
| (e) | donations received from any person, body, government or administration; and |
| (f) | any other money received from any other source. |
[In terms of Section 98(3)(d) the Minister, after consul ting the Mining Qualifications Authority, by notice in the Gazette, may make regulations to provide for the funding of the Mining Qualifications Authority including the manner in which such funds may be raised.]
| (2) | Moneys appropriated by Parliament must be used for— |
| (a) | the payment to members who are not in the full-time service of the State of such remuneration and allowances as the Minister may determine with the agreement of the Minister of Finance; |
| (b) | the payment of salaries, allowances, subsidies and other benefits as approved by the Minister with the agreement of the Minister of Finance to the executive officer and other employees of the Authority; and |
| (c) | the payment for administrative functions of the Authority. |
| (3) | Moneys referred to in subitem (1)(b), (c), (d) or (f) may be— |
| (a) | used as contemplated in this Act; |
| (b) | invested with any bank registered as such under the Banks Act, 1990 (Act No. 94 of 1990), or invested in such other manner as may be determined, by the Minister with the agreement of the Minister of Finance; and |
[The regulations under section 98(3)(d) require the agreement of the Minister of Finance for the provision of funds for the administration of the Authority and its committees from public funds.)
| (c) | used to register or utilise any intellectual property of the Authority. |
| (4) | Moneys referred to in subitem (1)(e) must be utilised in accordance with the conditions, if any, imposed by the donor of such moneys. |
| (5) | The chairperson of the Authority must for each financial year, submit a statement of estimated income and expenditure during such financial year to the Minister who, with the agreement of the Minister of Finance, must approve the budget for— |
| (a) | the first financial year, before the first meeting of the Authority; and |
| (b) | every other financial year, before the beginning of such financial year. |
