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


Constitution for the Construction Education and Training Authority (CETA)

32. Finances of the CETA


32.1 The money received by the CETA must be paid into a bank account at a registered bank and may be invested only in—
32.1.1 Savings accounts, permanent shares or fixed deposits in any registered bank or other financial institution;
32.1.2 Internal registered stock contemplated in section 21(1) of the Exchequer Act, 1975; and
32.1.3 Any other manner approved by the Minister;


32.2 The moneys received by the CETA may only be used in the prescribed manner to—
32.2.1 Fund the performance of its functions; and
32.2.2 Pay for its administration;


32.3 In each financial year the CETA must submit to the Minister a statement of the CETAs estimated income and expenditure for the following financial year;


32.4 The CETA must, in accordance with the standards of generally accepted accounting practice—
32.4.1 Keep proper record of its financial transactions, assets and liabilities; and
32.4.2 within three months after the end of each financial year, prepare accounts reflecting income and expenditure and a balance sheet showing its assets, liabilities and financial position as at the end of that financial year;


32.5 The Auditor-General must—
32.5.1 Audit the accounts, financial statements and financial management of the SETA; and
32.5.2 report on that audit to the CETA and to the Minister and in that report express an opinion as to whether the CETA has complied with the provisions of the Act, and its Constitution, relating to financial matters.


32.6 The Executive Committee is responsible for ensuring that the CETA complies with the financial, requirements of the Act, this Constitution and any other applicable law.


32.7 The Executive Committee must appoint at least three signatories to each account of the CETA.


32.8 At least two of the three signatories must be required to authorise any payment by the CETA;


32.9 The provisions of the Public Finance Management Act, 1999 will be complied with.