Financial Advisory and Intermediary Services Act, 2002
R 385
Political Party Funding Act, 2018 (Act No. 6 of 2018)Chapter 2 : Funds3. Establishment of Multi-Party Democracy Fund |
| (1) | A Multi-Party Democracy Fund is hereby established for the purpose of funding represented political parties from private sources. |
| (2) | The Commission must open an account for this Fund with any bank registered as a bank in terms of the Banks Act, 1990 (Act No. 94 of 1990). |
| (3) | Subject to subsection (4), the Commission must credit the account contemplated in subsection (2) with— |
| (a) | money received from any private source whether from inside or outside the Republic; |
| (b) | any money recovered in terms of section 17; and |
| (c) | interest earned on money deposited or invested in terms of section 4(1). |
| (4) | The Commission may not accept money received in terms of subsection (3)(a) from any— |
| (a) | organ of state; |
| (b) | state owned enterprise; or |
| (c) | foreign government or foreign government agency. |
| (5) | Any contributor contemplated in subsection (3)(a) may request the Commission not to disclose their identity or the amount of the contribution. |
| (6) | The Commission may charge a fee to defray the cost of administering and managing this Fund, which may not exceed five per cent of the money credited to this fund under subsection (3) during the previous financial year. |
