National Environmental Management: Biodiversity Act, 2004 (Act No. 10 of 2004)Chapter 6 : Bioprospecting, Access and Benefit-Sharing85. Establishment of Bioprospecting Trust Fund |
| (1) | A Bioprospecting Trust Fund is established into which all moneys arising from benefit-sharing agreements and material transfer agreements, and due to stakeholders, must be paid, and from which all payments to, or for the benefit of, stakeholders must be made. |
| (2) | All money paid into the bioprospecting trust fund is trust money within the meaning of section 13(1)(f)(ii) of the Public Finance Management Act. |
| (3) | The Director-General— |
| (a) | must manage the Fund in the prescribed manner or may appoint a trustee in terms of the Trust Property Control Act, 1988 (Act No. 57 of 1988), to administer the fund on the Director-General‘s behalf in the prescribed manner and under such terms as the Director-General may consider necessary; and |
[Section 85(3)(a) substituted by section 41 of Act No. 14 of 2009];
| (b) | is accountable for the money in the Fund in terms of the Public Finance Management Act. |
[Section 85 commenced 1 January 2006 (Proclamation No. R. 47, Gazette No. 26887)]