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

Chapter 4 : Funding of Public Schools

42. Financial records and statements of public schools
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The governing body of a public school must –

a)keep records of funds received and spent by the public school and of its assets, liabilities and financial transactions; and
b)as soon as practicable, but not later than three months after the end of each financial year, draw up annual financial statements in accordance with the guidelines determined by the Member of the Executive Council.