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


Constitution of the Agriculture Sector Education and Training Authority (AgriSETA)

Chapter Seven: Finances and Fiduciary Responsibilities

38. Finances


38.1 AgriSETA is financed from:
38.1.1 80 per cent of the skills development levies, interest and penalties collected in respect of AgriSETA, as allocated in terms of sections 8(3)(b) and 9 (b) of the Skills Development Levies Act;
38.1.2 the moneys paid to it from the National Skills Fund;
38.1.3 grants, donations and bequests made to it;
38.1.4 income earned on surplus moneys deposited or invested;
38.1.5 income earned on services rendered in the prescribed manner; and
38.1.6 money received from any other source.


38.2 The money received by AgriSETA must be paid into a banking account at any registered bank and may be invested only in:
38.2.1 savings accounts, permanent shares or fixed deposits in any registered bank or other financial institution;
38.2.2 internal registered stock as contemplated in section 21(1) of the Exchequer Act 66 of 1975 any other manner approved by the Minister.


38.3 The moneys received by AgriSETA may be used only in the prescribed manner and in accordance with any prescribed standards or criteria to:
38.3.1 fund the performance of its functions; and
38.3.2 pay for its administration within the prescribed limit.


38.4 AgriSETA must be managed in accordance with the Public Finance Management Act.


38.5 AgriSETA must:
38.5.1 prepare annual budgets, annual reports and financial statements in accordance with Chapter 6 of the Public Finance Management Act; and
38.5.2 furnish the Director-General with copies of all budgets, reports and statements contemplated in clause 38.5.1 or other information that it is required to submit in terms of the Public Finance Management Act.