Public Finance Management Act, 1999 (Act No. 1 of 1999)Chapter 6 : Public EntitiesPart 2: Accounting authorities for public entities54. Information to be submitted by accounting authorities |
| (1) | The accounting authority for a public entity must submit to the relevant treasury or the Auditor-General such information, returns, documents, explanations and motivations as may be prescribed or as the relevant treasury or the Auditor-General may require. |
| (2) | Before a public entity concludes any of the following transactions, the accounting authority for the public entity must promptly and in writing inform the relevant treasury of the transaction and submit relevant particulars of the transaction to its executive authority for approval of the transaction: |
| (a) | establishment or participation in the establishment of a company; |
| (b) | participation in a significant partnership, trust, unincorporated joint venture or similar arrangement; |
| (c) | acquisition or disposal of a significant shareholding in a company; |
| (d) | acquisition or disposal of a significant asset; |
| (e) | commencement or cessation of a significant business activity; and |
| (f) | a significant change in the nature or extent of its interest in a significant partnership, trust, unincorporated joint venture or similar arrangement. |
| (3) | A public entity may assume that approval has been given if it receives no response from the executive authority on a submission in terms of subsection (2) within 30 days or within a longer period as may be agreed to between itself and the executive authority. |
| (4) | The executive authority may exempt a public entity listed in Schedule 2 or 3 from subsection (2). |