Public Service Commission Act, 1997
R 385
National Gambling Act, 2004 (Act No. 7 of 2004)Chapter 4 : National StructuresPart B : National Gambling Board74. Finances |
| 1) | The board is financed from- |
| a) | money appropriated by Parliament for the board; |
| b) | any fees payable to the board in terms of this Act; |
| c) | income derived by the board from its investment and deposit of surplus money in terms of subsection (6); and |
| d) | other money accruing to the board from any source. |
| 2) | The financial year of the board is the period from 1 April in any year to 31 March in the following year. |
| 3) | Each year, at a time determined by the Minister, the board must submit to the Minister a statement of the board's estimated income and expenditure, and requested appropriation from Parliament, in respect of the next ensuing financial year. |
| 4) | The board must open and maintain an account in the name of the board with a registered bank or other registered financial institution in the Republic and- |
| a) | any money received by the board must be deposited to that account; and |
| b) | every payment on behalf of the board must be made from that account. |
| 5) | Cheques drawn on the account of the board must be signed on its behalf by two persons authorised for that purpose by resolution of the board. |
| 6) | The board may invest or deposit money of the board that is not immediately required for contingencies or to meet current expenditures- |
| a) | on a call or short-term fixed deposit with any registered bank or financial institution in the Republic; or |
| b) | in an investment account with the Corporation for Public Deposits established in terms of section 2 of the Corporation for Public Deposits Act, 1984 (Act No. 46 of 1984). |
