Mineral Technology Act, 1989 (Act No. 30 of 1989)13. Financing of Mintek |
| (1) | The funds of Mintek shall consist of— |
| (a) | money appropriated by Parliament to enable Mintek to perform its functions; |
| (b) | revenue obtained by virtue of the provisions of subsections (4) and (5); |
| (c) | money borrowed by Mintek in terms of section 4(3)(b)(ii); |
| (d) | fees or royalties referred to in section 11(2) which are paid to Mintek; |
| (e) | the proceeds from the sale of shares, and from dividends on shares held by Mintek in any company referred to in section 4(3)(b)(iii); |
| (f) | donations or contributions which Mintek may receive from any person, body, government or administration; |
| (g) | money received from any other source. |
(2)
| (a) | Mintek shall utilize its funds for defraying expenses in connection with the performance of its functions or the exercise of its powers. |
| (b) | Mintek shall utilize any money contemplated in subsection (1)(a) in accordance with the statement of its estimated income and expenditure referred to in subsection (3), as approved by the Minister: Provided that, subject to the provisions of paragraph (a), Mintek may utilize any amount or portion of any amount required to be so utilized for a particular purpose in connection with a specified matter, for any other purpose in connection with that matter: Provided further that Mintek may utilize any balance of the money remaining at the end of Mintek's financial year in question, for any expenses in connection with the exercise of its powers or the performance of its functions with the concurrence of the Minister. |
| (c) | Mintek shall utilize any donations or contributions contemplated in subsection (1)(f) in accordance with the conditions, if any, imposed by the donor or contributor concerned. |
| (3) | The Board shall in each financial year, at a time determined by the Minister, submit a statement of Mintek's estimated income and expenditure during the following financial year to the Minister for his approval, granted with the concurrence of the Minister of Finance. |
| (4) | Mintek may, in respect of any work performed or services rendered by it under this Act, or for the use of its facilities or rights resulting from any discoveries, inventions or improvements, charge such fees or make such other financial arrangements as it may deem fit. |
| (5) |
| (a) | The Board may invest any unexpended portion of Mintek's funds with the Corporation for Public Deposits, or, subject to the approval of the Minister acting with the concurrence of the Minister of Finance, dispose thereof in any other manner. |
| (b) | The Board may establish such reserve funds and deposit therein such amounts as the Minister, acting with the concurrence of the Minister of Finance, may approve. |