Road Accident Fund Act, 1996 (Act No. 56 of 1996)

4. Powers and functions of Fund

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(1)The powers and functions of the Fund shall include—
(a)the stipulation of the terms and conditions upon which claims for the compensation contemplated in section 3, shall be administered;
(b)the investigation and settling, subject to this Act, of claims arising from loss or damage caused by the driving of a motor vehicle whether or not the identity of the owner or the driver thereof, or the identity of both the owner and the driver thereof, has been established;
(c)the management and utilisation of the money of the Fund for purposes connected with or resulting from the exercise of its powers or the performance of its duties; and
(d)procuring reinsurance for any risk undertaken by the Fund under this Act.

 

(2)In order to achieve its object, the Fund may—
(a)purchase or otherwise acquire goods, equipment, land, buildings, shares, debentures, stock, securities and all other kinds of movable and immovable property;
(b)sell, lease, mortgage, encumber, dispose of, exchange, cultivate, develop, build upon, improve or in any other way deal with its property;
(c)invest any money not immediately required for the conduct of its business and realise, alter or reinvest such investments or otherwise deal with such money or investments;
(d)borrow money and secure the payment thereof in such manner as it may deem fit;
(e)make donations for research in connection with any matter relating to injuries sustained in motor vehicle accidents on such conditions as it may deem advisable;
(f)draw, draft, accept, endorse, discount, sign and issue promissory notes, bills and other negotiable or transferable instruments, excluding share certificates;
(g)take any other action or steps which are incidental or conducive to the exercise of its powers or the performance of its functions;
(h)make financial contributions to road safety projects and programmes approved by the Minister;
(i)conclude any agreement with any person for the performance of any particular act or particular work or the rendering of particular services contemplated in this Act.

 

(3)In the exercising of the powers conferred on it by this Act, the Fund may deal with any person, partnership, association, company, corporation or other juristic person wherever seated.

 

(4)
(a)The Fund may conclude an agreement with any other organ of State regarding any matter provided for in this Act in order to improve or ensure—
(i)the effective management of the Fund;
(ii)the efficiency of the Fund;
(iii)co-ordination of functions;
(iv)co-operative governance contemplated in Chapter 3 of the Constitution.
(b)The Minister shall, by notice in the Gazette, publish a summary of the terms of any agreement concluded under paragraph (a).