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Medical Schemes Act, 1998 (Act No. 131 of 1998)

Chapter 3 : Council for Medical Schemes

Part 1 : Council

12. Funds of Council


(1) The funds of the Council shall consist of—
(a) moneys appropriated by Parliament on such terms and conditions as the Minister, with the concurrence of the Minister of Finance, may determine;
(b) fees raised on services rendered by the Registrar in the performance of his or her functions under the provisions of this Act;
(c) penalties contemplated in section 66(3); and
(d) interest on overdue fees and penalties in respect of services rendered by the Registrar.


(2) The Council—
(a) may accept moneys or other goods donated or bequeathed to the Council; and
(b) shall specify details of any such donation or bequest in the annual report to the Minister.


(3) The Council shall utilise its funds for the defrayal of expenses incurred by the Council and the office of the Registrar in the performance of their functions under this Act.


(4) The Council shall cause an account to be opened with an institution registered as a bank and shall deposit in that account all moneys received in terms of this section.


(5) The Council may invest money, which is deposited in terms of subsection (4) and which is not required for immediate use, in any manner as it may deem fit.


(6) Any money which at the close of the Council's financial year stands to the credit of the Council shall be carried forward to the next financial year as a credit in the account of the Council.