South African Schools Act, 1996 (Act No. 84 of 1996)

Chapter 4 : Funding of Public Schools

37. School funds and assets of public schools
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1)The governing body of a public school must establish a school fund and administer it in accordance with directions issued by the Head of Department.

 

2)Subject to subsection (3), all money received by a public school including school fees and voluntary contributions must be paid into the school fund.

 

3)The governing body of a public school must open and maintain one banking account, but a governing body of a public school may, with the approval of the Member of the Executive Council, invest surplus money in another account.

 

4)Money or other goods donated or bequeathed to or received in trust by a public school must be applied in accordance with the conditions of such donation, bequest or trust.

 

5)All assets acquired by a public school on or after the commencement of this Act are the property of the school.

 

6)The school fund, all proceeds thereof and any other assets of the public school must be used only for –
a)educational purposes, at or in connection with such school;
b)educational purposes, at or in connection with another public school, by agreement with such other public school and with the consent of the Head of Department;
c)the performance of the functions of the governing body; or
d)another educational purpose agreed between the governing body and the Head of Department.

 

7)
a)Money from the school fund of a public school may not be paid into a trust or be used to establish a trust.
b)If a trust was established from a school fund of a public school or if such money was paid into a trust prior to 1 January 2002, such trust or payment is invalid and the money must be paid back into the school fund.
c)A governing body of a public school may not collect any money or contributions from parents to circumvent or manipulate the payment of compulsory school fees and to use such money or contributions to establish or fund a trust, and if such money or contributions of parents were paid into a trust prior to 1 January 2002, the trust must pay such money or contributions into the school fund.