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South African Council for Educators Act, 2000 (Act No. 31 of 2000)

Chapter 2 : Continuation, Powers and Duties, Composition and Governance of Council

19. Funds of council

 

(1) The funds of the council consist of—
(a) compulsory fees;
(b) money appropriated by Parliament;
(c) money received from donations, contributions, interest or fines; and other money received by the council from any other source.

 

(2) The council—
(a) must during each financial year, at such time and in such manner as the Minister may determine, submit to the Minister for approval a detailed statement of its estimated income and expenditure for the ensuing financial year;
(b) may during any financial year submit to the Minister for approval adjusted statements of its estimated income and expenditure; and
(c) may not incur any expenditure which exceeds the total amount approved in terms of paragraphs (a) and (b).

 

(3) If the Minister does not approve the statement of estimated income and expenditure of the council, the Minister must request the council to submit a revised statement of its estimated income and expenditure within a specified period.

 

(4)

(a) The funds contemplated in subsection (1) must be used by the council in accordance with the approved statement referred to in subsection (2).
(b) Any unexpended balance must be carried forward as a credit to the following financial year.

 

(5) Subject to subsection (4), the council may invest any portion of its funds in such manner as the council may approve.

 

(6) The books of account and financial statements of the council must be audited at the end of each financial year by a chartered accountant registered in terms of the Public Accountants’ and Auditors’ Act, 1991 (Act No. 80 of 1991), appointed by the council.

 

(7) A copy of the audited financial statements must be submitted to the Minister within three months after the end of the council’s financial year.