Nuclear Energy Act, 1999 (Act No. 46 of 1999)Chapter II The South African Nuclear Energy Corporation, Limited26. Finances of Corporation |
| (1) | The Corporation will be funded and provided with capital from— |
| (a) | the capital invested in or lent to the Corporation as contemplated in section 10; |
| (b) | money appropriated by Parliament for that purpose; |
| (c) | income derived from the sale or other commercial exploitation of its products, technology, services or expertise in terms of this Act; |
| (d) | loans raised by the Corporation in terms of section 15; |
| (e) | the proceeds of any sale of assets authorised in terms of this Act; |
| (f) | income or interest earned on the Corporation’s cash balances or on money invested by it; and |
| (g) | money received by way of grant, contribution, donation or inheritance from any source inside or outside the Republic. However, money from abroad may be received only with the Minister’s approval. |
| (2) | Money that in terms of subsection (1) are the funds of the Corporation, will be utilised to meet the expenditure incurred by the Corporation in connection with its functioning, business and operations in terms of this Act. |
(3)
| (a) | Those money may be so utilised only as provided for in a statement of the Corporation’s estimated income and expenditure contemplated in subsection (4), that has been approved by the Minister. |
| (b) | Money received by way of grant, contribution, donation or inheritance in terms of subsection (1)(g), must be utilised in accordance with the conditions (if any) imposed by the grantor, contributor, donor or testator concerned. |
(4)
| (a) | The Board must in each financial year, at a time determined by the Minister, submit to the Minister for approval a statement of the Corporation’s estimated income and expenditure for the next financial year. However, the Board may at any time during the course of a financial year concerned, submit a supplementary statement of estimated income and expenditure of the Corporation for that financial year, to the Minister for approval. |
| (b) | The Minister may grant the approval of the statement referred to in subsection (4)(a), with the agreement of the Minister of Finance. |
| (c) | The Corporation may not incur any expenditure in excess of the total amount approved under paragraph (b). |
| (5) | The Board may establish a reserve fund for any purpose that is connected with the Corporation’s functions under this Act and has been approved by the Minister, and may allocate to the reserve fund the money that may be made available for that purpose in the statement of estimated income and expenditure (including any supplementary statement) approved under subsection (4)(b). |
(6)
| (a) | The chief executive officer, subject to the conditions set by the Board, must open an account in the name of the Corporation with an institution registered as a bank in terms of the Banks Act, 1990 (Act No. 94 of 1990), and deposit therein all money contemplated in section (1). |
| (b) | The money of the Corporation that are not required for immediate use or as a reasonable working balance, may be invested with the Corporation for Public Deposits established by section 2 of the Corporation for Public Deposits Act, 1984 (Act No. 46 of 1984). |