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Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)

Chapter 10 : Municipal Entities

Part 3 : Accounting officers

96. Asset and liability management


(1) The accounting officer of a municipal entity is responsible for the management of—
(a) the assets of the entity, including the safeguarding and maintenance of those assets; and
(b) the liabilities of the entity.


(2) The accounting officer must, for the purposes of subsection (1), take all reasonable steps to ensure that the entity has and maintains—
(a) a management, accounting and information system that accounts for proper assets and liabilities of the management systems of the municipal entity, and
(b) a system of internal control of assets and liabilities, including an asset and liabilities register, as may be prescribed.