Acts Online
GT Shield

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

Schedules

Schedule 9 : Model Constitution for a Statutory Council

15. Finances

 

 

1) The council may raise funds by charging a levy on employees and employers within the registered scope of the council.

 

2) The council must open and maintain an account in its name with a bank of its choice that is registered in the Republic, and
a) deposit all moneys it receives in that account within three days of receipt; and
b) pay the expenses of and make all payments on behalf of the council by cheques drawn on that account.

 

3) The council may invest any surplus funds not immediately required for current expenditure or contingencies, in
a) savings accounts, permanent shares or fixed deposits in any registered bank or financial institution;
b) internal registered stock as contemplated in section 21 of the Exchequer Act, 1975 (Act No. 66 of 1975);
c) a registered unit trust;
d) any other manner approved by the registrar.

 

4) All payments from the council's funds must be
a) approved by the council; and
b) made by cheques drawn on the council's bank account and signed by the chairperson or deputy-chairperson and counter-signed by the secretary. However, the council, by special resolution, may authorise any representative in the council, official or employee of the council to sign or counter-sign cheques drawn on the council's bank account in the event of both the chairperson and the deputy chairperson or the secretary not being readily available for that purpose.

 

5)
a) Despite sub-clause (4), the council may maintain a petty cash account, out of which the secretary may make cash payments not exceeding R___ at any one occasion.
b) Funds required for the petty cash account may be transferred to that account only by drawing a cheque issued and signed in the manner required by sub-clause (4).
c) Except with the approval of the council, cheques drawn to transfer funds to petty cash may not exceed R___ per month in aggregate.
d) The council may determine the form of the records to be kept for the petty cash account.

 

6) At the end of each quarter of the financial year, the secretary must prepare a statement showing the income and expenditure of the council for that quarter, and another reflecting its assets, liabilities and financial position as at the end of that period.

 

7) The financial year of the council begins on 1 ___ in each year and ends on ___ of the following year, except the first financial year, which begins on the day that the council is registered and ends on ___.

 

8) Not later than ___ after the end of the financial year, the secretary must prepare a statement of the council's financial activity in respect of that financial year, showing-
a) all moneys received for the council-
i) in terms of any collective agreement published in terms of the Act; and
ii) from any other sources;
b) expenditure incurred on behalf of the council, under the following heads-
i) remuneration and allowances of officials and employees;
ii) amounts paid to representatives and alternates in respect of their attendance at meetings, the travelling and subsistence expenses incurred by them, and the salary or wage deducted or not received by them due to their absence from work by reason of their involvement with the council;
iii) remuneration and allowances of members of the panel of conciliators and arbitrators;
iv) office accommodation;
v) printing and stationery requirements; and
vi) miscellaneous operating expenditure; and
c) the council's assets, liabilities and financial position as at the end of that financial year.

 

9)
a) The annual financial statements must be signed by the secretary and counter-signed by the chairperson, and submitted to an auditor for auditing and preparing a report to the council.
b) Certified copies of the audited statements and the auditor's report must be made available for inspection at the office of the council to members and representatives of the parties, who are entitled to make copies of those statements and the auditor's report.
c) The secretary must send certified copies of the audited financial statements and the auditor's report to the registrar within 30 days of receipt thereof.

 

10) Every year the secretary must prepare, for submission at the annual general meeting of the council, a budget for the council for the next financial year.

 

11) At the annual general meeting the council must appoint an auditor to perform the audit of the council for the next financial year.