Property Valuers Profession Act, 2000 (Act No. 47 of 2000)16. Funds of council and keeping and auditing of accounts |
| (1) | The funds of the council consist of any money received in terms of this Act and all other monies which may accrue to the council from any other legal source, including fines and penalties imposed by the council. |
| (2) | The council may— |
| (a) | collect and invest funds of the council, |
| (b) | raise money by way of loan for the purpose of effectively performing its functions; |
| (c) | with a view to the promotion of any matter relating to the property valuation profession, lend money against such security as the council considers adequate; and |
| (d) | mortgage any of its immovable property as security for a loan referred to in paragraph (b). |
| (3) | The council may remunerate its members and committee members from its funds. |
| (4) | The council may finance any publication referred to in section 10(e). |
| (5) | The council may establish and administer an education fund for the education, training and continuing education and training of registered persons and students in the property valuation profession. |
| (6) | The council must keep full and correct account of all monies received and expended by it. |
(7)
| (a) | The council must annually prepare a statement of income and expenditure and a balance sheet showing its financial position as at the close of the financial year to which it relates. |
| (b) | The council must have the statement and balance sheet audited by an auditor registered in terms of the Public Accountants’ and Auditors’ Act, 1991 (Act No. 80 of 1991). |
| (c) | A copy of the audited statement and balance sheet must be open for inspection at the offices of the council. |
| (8) | The council must, within six months from the close of each financial year or such other period as may be agreed to by the Minister after a request by the council, submit the audited statement and balance sheet to the Minister and must provide a copy to the CBE. |
| (9) | The Minister may, with the concurrence of the Minister of Finance— |
| (a) | advance or grant to the council, out of money appropriated by Parliament, such amounts as he or she considers necessary in order to enable the council to carry out its functions; and |
| (b) | determine the conditions to and repayment of the advance. |
| (10) | The council must determine its financial year. |
| (11) | The council must apply due care and diligence when investing any money or incurring any expenditure from the funds of the council. |