Public Finance Management Act, 1999 (Act No. 1 of 1999)RegulationsTreasury Regulations for Departments, Constitutional Institutions and Public EntitiesPart 5 : Asset and liability management10. Asset management |
| 10.1 | Responsibility for asset management [Section 38(1)(d) of the PFMA] |
| 10.1.1 | The accounting officer of an institution must take full responsibility and ensure that proper control systems exist for assets and that – |
| (a) | preventative mechanisms are in place to eliminate theft, losses, wastage and misuse; and |
| (b) | stock levels are at an optimum and economical level. |
| 10.1.2 | The accounting officer must ensure that processes (whether manual or electronic) and procedures are in place for the effective, efficient, economical and transparent use of the institution’s assets. |
| 10.2 | Assets accruing to the state by operation of any law [Section 76(2)(i) of the PFMA] |
| 10.2.1 | Where any money, property or right accrues to the state by operation of law (bona vacantia), the relevant treasury may exercise all powers, authority and prerogatives, and fulfil any obligation on behalf of the state. |