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Fund-raising Act, 1978 (Act No. 107 of 1978)

Chapter II : Disaster Relief Fund, South African Defence Force Fund, Refugee Relief Fund, State President's Fund and Social Relief Fund

22. Finances of boards


(1) The Funds referred to in section 16 shall consist of—
(a) the contributions collected from the public by, for or on behalf of the board of the Fund in question;
(b) any moneys vested in the Fund in question in terms of subsection (2);
(c) any moneys appropriated by Parliament for the purposes of the Fund concerned;
(d) any amount of money received or acquired from any other source.


(2) The funds generally known as—
(a) the National Relief Fund;
(b) the Fund for External Relief;
(c) the National Mine Disaster Fund;
(d) the Central Flood Disaster Fund (1974);
(e) the Central Fund for Relief to Refugees;
(f) the South African Defence Force Fund,

shall as from the commencement of this Act cease to exist, and all amounts credited to any such fund immediately before such commencement, shall as from such commencement—

(i) in the case of the funds referred to in paragraphs (a) to (d), inclusive, vest in the Disaster Relief Fund;
(ii) in the case of the fund referred to in paragraph (e), vest in the Refugee Relief Fund;
(iii) in the case of the fund referred to in paragraph (f), vest in the South African Defence Force Fund,

and as from such commencement all liabilities and rights, existing as well as accruing, of the several funds referred to in subparagraphs (i), (ii) and (iii), shall devolve upon the Disaster Relief Fund, the Refugee Relief Fund and the South African Defence Force Fund, respectively.


(3) A board shall apply the moneys of the Fund in respect of which it has been appointed and with which such Fund has been credited, to the achievement of its objects and to the defrayal of the costs in connection with the performance of its functions.


(4) A board shall deposit all the moneys received by it in an account which it shall open with a banking institution registered in terms of the Banks Act, 1965 (Act No. 23 of 1965).


(5) A board shall from time to time invest with the Public Debt Commissioners or in such other manner as the Minister may, with the concurrence of the Minister of Finance, determine, all moneys which are not required for immediate use or as a reasonable working balance.


(6) The financial year of a fund shall terminate on 31 March in each year.


(7) A board shall keep the prescribed accounts, records and registers of all its financial transactions, and shall furnish the Minister with the prescribed reports and financial statements.


(8) The accounts, records, registers and financial statements of a board shall be audited by the Auditor-General.