Public Finance Management Act, 1999 (Act No. 1 of 1999)Chapter 2 : National Treasury and National Revenue FundPart 1: National Treasury7. Banking, cash management and investment framework |
| (1) | The National Treasury must prescribe a framework within which departments, public entities listed in Schedule 3 and constitutional institutions must conduct their cash management. |
| (2) | A department authorised to open a bank account in terms of the prescribed framework, a public entity or a constitutional institution may open a bank account only— |
| (a) | with a bank registered in South Africa and approved in writing by the National Treasury; and |
| (b) | after any prescribed tendering procedures have been complied with. |
| (3) | A department, public entity listed in Schedule 3 or constitutional institution may not open a bank account abroad or with a foreign bank except with the written approval of the National Treasury. |
| (4) | The National Treasury may prescribe an investment policy for public entities, constitutional institutions and those departments authorised to open a bank or other account in terms of the prescribed framework. |
| (5) | A bank which has opened a bank account for a department, a public entity listed in Schedule 3 or a constitutional institution, or any other institution that holds money for a department, a public entity listed in Schedule 3 or a constitutional institution, must promptly disclose information regarding the account when so requested by the National Treasury or the Auditor-General, or, in the case of a provincial department or a provincial public entity, by the National Treasury, the Auditor-General or the relevant provincial treasury. |