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


Constitution of the Bank Sector Education and Training Authority (BANKSETA)

7. Finances of the Authority


7.1 The Authority will be financed from:
7.1.1 80 per cent of the skills development levies, interest and penalties collected in respect of the Authority, as allocated in terms of sections 8(3)(b) and 9(b) of the Skills Development Levies Act;
7.1.2 moneys paid to it from the National Skills Fund;
7.1.3 grants, donations and bequests made to it;
7.1.4 income earned on surplus monies deposited or invested,
7.1.5 income earned on services rendered in the prescribed manner; and
7.1.6 money received from any other source.


7.2 The money received by the Authority will be paid into a bank account at a registered bank and will only be invested in:
7.2.1 savings accounts, permanent shares or fixed deposits in any registered bank or other financial institution;
7.2.2 internal registered stock contemplated in section 21 (I)of the Exchequer Act, 1975 (Act No. 66 of 1975);
7.2.3 any other manner approved by the Minister.


7.3 The moneys received by the Authority will be used only in the prescribed manner and to:
7.3.1 fund the performance of its functions; and
7.3.2 pay for its administration within the prescribed limits.


7.4 In each financial year ending on the prescribed date, the Authority will, at a time determined by the Minister, submit to the Minister a statement of the Authority's estimated income and expenditure for the following financial year.


7.5 The Authority will, in accordance with the standards of generally accepted accounting practice:
7.5.1 keep proper record of all its financial transactions, assets and liabilities; and
7.5.2 within two 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.


7.6 All funds entrusted to or administered by the Authority shall be administered by the CEO who shall be appointed by the Council.


7.7 The Council shall elect a finance committee which shall report to the Council and which shall be responsible for:
7.7.1 ensuring that the books of account kept by the Authority accurately reflect its financial activities and status;
7.7.2 ensure that proper accounts are rendered to the Authority for all funds received, collected, expended, or disbursed;
7.7.3 ensure that all funds handled by the Authority are properly disbursed in accordance with the conditions laid down by the Act and this constitution;
7.7.4 furnish such financial information as may be required by the Council;
7.7.5 in general, ensure that the particular duties delegated to it by the Council are satisfactorily carried out.