Pension Funds Act, 1956 (Act No. 24 of 1956)Chapter VA : Consideration and Adjudication of Complaints30R. Funds of Adjudicator |
| (1) | The funds of the Adjudicator consist of the funds contemplated in section 247(1) of the Financial Sector Regulation Act, and such funds may only be applied in terms of section 247(2) of that Act. |
[Section 30R(1) substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2023 per section (c) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (2) | The Adjudicator shall utilise the fund for the defrayal of expenses incurred in connection with the performance of his or her functions under this Act. |
| (3) | The Adjudicator shall deposit all the money received by him or her in an account which he or she shall open with a banking institution registered in terms of the Banks Act, 1990 (Act No. 94 of 1990). |
| (4) | The Adjudicator may invest money deposited in terms of subsection (3) which is not required for immediate use. |
| (5) | Any money standing to the credit of the Adjudicator in the account referred to in subsection (3) at the close of the financial year as well as money which has been invested in terms of subsection (4), shall be carried forward to the next financial year. |
| (6) | The financial year of the Adjudicator shall end on 31 March in each year. |