Public Service Commission Act, 1997
R 385
Geoscience Act, 1993 (Act No. 100 of 1993)20. Funds of Council |
| (1) | The funds of the Council shall consist of— |
| (a) | money appropriated by Parliament to enable the Council to perform its functions; |
| (b) | income derived by virtue of the provisions of subsections (3), (4) and (5); |
| (c) | money raised by the Council in terms of section 5(3)(e); |
| (d) | fees or royalties contemplated in section 24(2) which are paid to the Council; |
| (e) | donations or contributions received by the Council from any person, institution, government or administration; |
| (f) | money received from any other source. |
(2)
| (a) | The Chief Executive Officer shall utilize the funds of the Council for defraying expenses in connection with the performance of its functions. |
| (b) | The Chief Executive Officer shall utilize any money contemplated in subsection (1)(a) in accordance with the approved statement of its estimated income and expenditure referred to in subsection (6): Provided that, subject to the provisions of paragraph (a), the Chief Executive Officer may with the approval of the Board, granted with the concurrence of the Minister, utilize any amount or portion of any amount required to be utilized for a particular purpose in connection with that matter: Provided further that the Chief Executive Officer may, with the approval of the Board, granted with the concurrence of the Minister, utilize any balance of the money remaining at the end of the Council's financial year in question for any expenses in connection with the performance of its functions. |
| (c) | The Chief Executive Officer shall utilize any donations or contributions contemplated in subsection (1)(e) for such purposes and in accordance with such conditions, if any, as may be specified by the donor or contributor in question. |
[Subsection (2) substituted by section 20(a) of Act No. 16 of 2010]
| (3) | The Chief Executive Officer may in respect of any work performed or services rendered by him or her under this Act, or for the use of the facilities of the Council or rights resulting from any discoveries, inventions or improvements made by employees of the Council, charge such fees or make such other financial arrangements as the Management Board may deem fit. |
[Subsection (3) substituted by section 20(b) of Act No. 16 of 2010]
| (4) | The Chief Executive Officer shall open an account in the name of the Council with an institution registered as a bank in terms of the Banks Act, 1990 (Act No. 94 of 1990), and shall deposit therein all money received in terms of this section. |
[Subsection (4) substituted by section 20(c) of Act No. 16 of 2010]
(5)
| (a) | The Chief Executive Officer may invest any unexpended portion of the Council's funds with the Corporation for Public Deposits established by section 2 of the Corporation for Public Deposits Act, 1984 (Act No. 46 of 1984), or, subject to the approval of the Minister acting with the concurrence of the Minister of Finance, dispose thereof in any other manner. |
| (b) | The Board may with the approval of the Minister, granted with the concurrence of the Minister of Finance, establish such reserve funds and deposit therein such amounts as it may deem necessary or expedient. |
[Subsection (5) substituted by section 20(d) of Act No. 16 of 2010]
(6)
(a) The Board—
| (i) | shall in each financial year, at a time determined by the Minister, submit a statement of the Council's estimated income and expenditure during the following financial year; |
| (ii) | may at any stage in any financial year submit supplementary statements of the Council's estimated expenditure for that financial year, |
to the Minister for his or her approval, granted with the concurrence of the Minister of Finance.
[Subsection (6)(a) substituted by section 20(e) of Act No. 16 of 2010]
| (b) | The Council may not incur any expenditure which exceeds the total amount approved under paragraph (a). |
