Public Finance Management Act, 1999 (Act No. 1 of 1999)Chapter 3 : Provincial Treasuries and Provincial Revenue FundsPart 2: Provincial Revenue Funds24. Withdrawals and investments from Provincial Revenue Funds |
| (1) | Only a provincial treasury may withdraw money from a Provincial Revenue Fund, and may do so only— |
| (a) | to Provide funds that have been authorised— |
| (i) | in terms of an appropriation by a provincial Act; or |
| (ii) | as a direct charge against the Provincial Revenue Fund provided for in the Constitution or a provincial Act; |
| (b) | to refund money incorrectly paid into, or which is not due to, the Provincial Revenue Fund; or |
| (c) | to deposit into or invest money in the National Revenue Fund. |
| (2) | A payment in terms of subsection (1) (b) or (c) is a direct charge against a Provincial Revenue Fund if a provincial Act so provides. |
| (3) |
| (a) | A provincial treasury, in accordance with a prescribed framework, may invest temporarily in the Republic money in the province's Provincial Revenue Fund that is not immediately needed. |
| (b) | When money in a Provincial Revenue Fund is invested, the investment, including interest earned, is regarded as part of that Fund. |