Public Funding of Represented Political Parties Act, 1997 (Act No. 103 of 1997)

9. Surplus moneys as at end of financial year
Purchase cart Previous page Return to chapter overview Next page

 

(1) Any unspent moneys,as at the end of the financial year, in the special banking account kept by a political party in terms of section 6(1)(a), will be shown in that party’s relevant books and records of account as a credit balance carried forward to the next financial year. However—
(a) the moneys that may so be carried forward, may be limited to an amount representing a prescribed percentage of the allocations that had been made for that financial year; and
(b) moneys so carried forward to the next financial year may not be taken into account in determining any allocation to be made to the party concerned during that financial year.

 

(2) All moneys standing to the credit of the Fund at the end of any financial year will be carried forward to the next financial year as a credit balance.

 

(3)

(a) If Parliament and every provincial legislature are dissolved in terms of the Constitution of the Republic of South Africa, 1996 (Act No. 108 of 1996), every political party that is represented in any or all of those legislative bodies must close its books and records of account kept in terms of section 6 not later than 21 days before the date set for the election of those legislative bodies and within 14 days thereafter submit an audited statement in respect of those books and records of account to the Commission.
(b) Not later than the day immediately before the date set for the election, such a political party must repay to the Commission the unspent balances, as at the date when its books and records of account are so closed, of all the moneys that had been allocated to it in terms of section 5.

 

(4)

(a) If Parliament or any provincial legislature is so dissolved in any other circumstances, every political party represented in the legislative body that dissolves, must close its books and records of account kept in terms of section 6 not later than 21 days before the date set for the election of the dissolving legislative body and within 14 days thereafter submit an audited statement in respect of those books and records of account to the Commission.
(b)
(i)The representation of a party mentioned in paragraph (a), in a dissolving legislative body, must be calculated by the Commission as a percentage of the party’s representation in all of the legislative bodies contemplated in subsection (3)(a).
(ii ) That determined percentage of any unspent balances, as at the date when those books and records of account are closed, of all moneys that had been so allocated to the  political party, must be repaid to the Commission not later than the day immediately before the date set for the election.