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General and Further Education and Training Quality Assurance Act, 2001 (Act No. 58 of 2001)

Chapter 2 : Establishment and Functions of Council

13. Funds of Council

 

1) The funds of the Council consist of –
a) money appropriated by Parliament;
b) donations and contributions received by the Council;
c) money received by the Council in respect of fees charged for services;
d) interest received on investments referred to in subsection (5);
e) money obtained by way of loans, subject to chapter 8 of the Public Finance Management Act, 1999 (Act No. 1 of 1999); and
f) any other income received by the Council.

 

2) The Council –
a) must keep a record of all funds received and spent and of all assets, liabilities and financial transactions;
b) subject to Chapter 6 of the Public Finance Management Act, 1999 (Act No. 1 of 1999), and at such time and in such manner as the Minister may determine, must in each financial year submit a budget for the ensuing financial year to the Minister for his or her approval;
c) may in any financial year submit adjusted budgets to the Minister for his or her approval; and
d) may not incur any expenditure which exceeds the total amount approved in terms of paragraphs (b) and (c).

 

3) If the Minister does not approve the budget of the Council, the Minister must require the Council to provide a revised budget to him or her within a specified period.

 

4) Subject to the Public Finance Management Act, 1999 (Act No. 1 of 1999), the funds contemplated in subsection (1), must be used by the Council in accordance with the approved budget.

 

5) Subject to subsection (4) and the Public Finance Management Act, 1999 (Act No. 1 of 1999), the Council may invest surplus funds.