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Skills Development Act, 1998 (Act No. 97 of 1998)

Chapter 7 : Financing Skills Development

29. Control and administration of Fund


(1) The Director-General is the accounting authority of the Fund as contemplated by section 49(2)(b) of the Public Finance Management Act and must—
(a) control the Fund;
(b) keep a proper record of all financial transactions, assets and liabilities of the Fund;
(c) prepare annual financial statements for the Fund in the prescribed form; and
(d) subject to the laws governing the public service, appoint the executive officer of the Fund who will, upon such appointment, be in the employ of the public service.


(1A) The Fund must be managed in accordance with the Public Finance Management Act.


(2) Any money in the Fund not required for immediate use may be invested in accordance with an investment policy approved by the Director-General that complies with the requirements of the Public Finance Management Act and may be withdrawn when required.


(3) Any unexpended balance in the Fund at the end of the financial year must be carried forward to the next financial year as a credit to the Fund.


(4) The annual financial statements contemplated in subsection (1)(c) must be submitted by the Director-General to the National Skills Authority for information as soon as possible after they have been prepared.


[Section 29 amended by section 13 of Act No. 37 of 2008]