Skills Development Act, 1998 (Act No. 97 of 1998)

Constitutions

Constitution of the Bank Sector Education and Training Authority (BANKSETA)

7. Finances of the Authority

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7.1The Authority will be financed from:
7.1.180 per cent of the skills development levies, interest and penalties collected in respect of the Authority, as allocated in terms of sections 8(3)(b) and 9(b) of the Skills Development Levies Act;
7.1.2moneys paid to it from the National Skills Fund;
7.1.3grants, donations and bequests made to it;
7.1.4income earned on surplus monies deposited or invested,
7.1.5income earned on services rendered in the prescribed manner; and
7.1.6money received from any other source.

 

7.2The money received by the Authority will be paid into a bank account at a registered bank and will only be invested in:
7.2.1savings accounts, permanent shares or fixed deposits in any registered bank or other financial institution;
7.2.2internal registered stock contemplated in section 21 (I)of the Exchequer Act, 1975 (Act No. 66 of 1975);
7.2.3any other manner approved by the Minister.

 

7.3The moneys received by the Authority will be used only in the prescribed manner and to:
7.3.1fund the performance of its functions; and
7.3.2pay for its administration within the prescribed limits.

 

7.4In each financial year ending on the prescribed date, the Authority will, at a time determined by the Minister, submit to the Minister a statement of the Authority's estimated income and expenditure for the following financial year.

 

7.5The Authority will, in accordance with the standards of generally accepted accounting practice:
7.5.1keep proper record of all its financial transactions, assets and liabilities; and
7.5.2within two months after the end of each financial year, prepare accounts reflecting income and expenditure and a balance sheet showing its assets, liabilities and financial position as at the end of that financial year.

 

7.6All funds entrusted to or administered by the Authority shall be administered by the CEO who shall be appointed by the Council.

 

7.7The Council shall elect a finance committee which shall report to the Council and which shall be responsible for:
7.7.1ensuring that the books of account kept by the Authority accurately reflect its financial activities and status;
7.7.2ensure that proper accounts are rendered to the Authority for all funds received, collected, expended, or disbursed;
7.7.3ensure that all funds handled by the Authority are properly disbursed in accordance with the conditions laid down by the Act and this constitution;
7.7.4furnish such financial information as may be required by the Council;
7.7.5in general, ensure that the particular duties delegated to it by the Council are satisfactorily carried out.