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Justice Administered Fund Act, 2017 (Act No. 2 of 2017)

5. Bank accounts and reserve account


(1) The accounting officer must, within the Fund, open and maintain bank accounts as he or she deems fit and assign to each such bank account a name that clearly identifies the account, one of which must be a separate account to be known as the reserve account.


(2) Section 7 of the Public Finance Management Act applies with the necessary changes to the accounts contemplated in subsection (1).


(3) The Minister, in consultation with the Minister of Finance, may, by notice in the Gazette, determine a limit on the maximum credit balance permitted in the reserve account.



(a) Any—
(i) unclaimed money; and
(ii) money which cannot immediately be allocated into any of the categories listed in section 3(a) to (c),

due to beneficiaries, must within 30 days, after receipt thereof, be paid into the reserve account.

(b) If—
(i) a beneficiary claims an amount of money that has been paid into the reserve account in terms of paragraph (a)(i); or
(ii) the allocation of money that has been paid into the reserve account in terms of paragraph (a)(ii) becomes known,

within 10 years after it has been paid into the reserve account, the reserve account will be debited and the money will be paid to the beneficiary or be allocated correctly.


(5) The funding for any deficit not covered by the reserve account is to be negotiated with the National Treasury within the budgetary framework prescribed by the National Treasury, subject to an appropriation by Parliament.