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Labour Relations Act, 1995 (Act No. 66 of 1995)


National Bargaining Council for the Clothing Manufacturing Industry

Main Collective Agreement

Part C : Provisions for the KwaZulu-Natal Region

37. Financial Matters


(1) The Council shall, in accordance with the standards of generally accepted accounting practice, principles and procedures—
(a) keep books and records of the income, expenditure, assets and liabilities of the Funds referred to in clauses 14 (3) (a), 15 and 35 and of the Council;
(b) within six (6) months after the end of each financial year, prepare financial statements including—
(i) a statement of income and expenditure for the previous financial year; and
(ii) a balance sheet showing it's assets, liabilities and financial positions as at the end of the previous financial year.



(a) The Council shall arrange for an annual audit of the books and records of account and the financial statements of the funds referred to in clauses 14 (3) (a), 15 and 35 and of the Council;
(b) the auditor appointed by the Council shall—
(i) be registered to practice in the Republic of South Africa as a public accountant and auditor;
(ii) conduct the audit in accordance with generally accepted auditing standards; and
(iii) report in writing to the Council: Which report shall include the auditor's opinion as to whether or not the Council has complied with those provisions of it's constitution related to financial matters.


(3) The financial statements and auditor's reports shall be—
(a) available to the parties to the Council or their representatives for inspection;
(b) submitted to a meeting of the Council;
(c) provided to the Registrar of labour relations within thirty (30) days of receipt of the auditor's report.


(4) All monies referred by the funds referred to in clause 14 (3) (a), 15 and 35 shall be deposited into a banking account opened in the name of the Fund. Withdrawals from the Fund shall be by cheque signed by a person duly authorised by the Council.


(5) The money of any Fund referred to in clauses 14 (3) (a), 15 and 35 that is surplus to that Fund's requirements or the expenses of the Fund may be invested in—
(a) savings accounts, permanent shares or fixed deposits in any registered bank or financial institution;
(b) a registered unit trust;
(c) internal registered stock as contemplated in section 21 of the Exchequer Act, 1975; and
(d) any other manner approved by the Registrar of labour relations.


(6) All expenses of administration, banking and auditing shall be a charge against that Fund.