Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)Chapter 3 : Municipal RevenuePart 2 : Cash, investment and asset management13. Cash management and investments |
| (1) | The Minister, acting with the concurrence of the Cabinet member responsible for local government, may prescribe a framework within which municipalities must— |
| (a) | conduct their cash management and investments; and |
| (b) | invest money not immediately required. |
| (2) | A municipality must establish an appropriate and effective cash management and investment policy in accordance with any framework that may be prescribed in terms of subsection (1). |
| (3) | A bank where a municipality at the end of a financial year holds a bank account, or held a bank account at any time during a financial year, must— |
| (a) | within 30 days after the end of that financial year notify the Auditor-General, in writing, of such bank account, including— |
| (i) | the type and number of the account; and |
| (ii) | the opening and closing balances of that bank account in that financial year; and |
| (b) | promptly disclose information regarding the account when so requested by the National Treasury or the Auditor-General. |
| (4) | A bank, insurance company or other financial institution which at the end of a financial year holds, or at any time during a financial year held, an investment for a municipality, must— |
| (a) | within 30 days after the end of that financial year, notify the Auditor-General, in writing, of that investment, including the opening and closing balances of that investment in that financial year; and |
| (b) | promptly disclose information regarding the investment when so requested by the National Treasury or the Auditor-General. |