| (1) | A SETA is financed from— |
| (c) | grants, donations and bequests made to it; |
| (d) | income earned on surplus moneys deposited or invested; |
| (e) | income earned on services rendered in the prescribed manner; and |
| (f) | money received from any other source. |
| (2) | The money received by a SETA must be paid into a banking account at any registered bank and may be invested only in— |
| (a) | savings accounts, permanent shares or fixed deposits in any registered bank or other financial institution; |
| (b) | internal registered stock contemplated in section 21(1) of the Exchequer Act, 1975 (Act No. 66 of 1975); |
| (c) | [Section 14(2)(c) deleted by section 4(b) of the Schedule to Act No. 9 of 1999]; and |
| (d) | any other manner approved by the Minister. |
| (3) | The moneys received by a SETA may be used only in the prescribed manner and in accordance with any prescribed standards or criteria to— |
| (a) | fund the performance of its functions; and |
| (b) | pay for its administration within the prescribed limit. |
[Section 14(3) amended by section 9(a) of Act No. 31 of 2003]
| (3A) | For the purposes of subsection (3)(b), the Minister— |
| (a) | must prescribe the total expenditure that a SETA may make on its administration; and |
| (i) | the amount that a SETA may spend on any aspect of its administration; |
| (ii) | salary bands within which categories of employees must be remunerated; |
| (iii) | the conditions under which employees may receive performance-related payments and the maximum payment that may be made to an employee in this regard; |
| (iv) | the allowances that may be paid to members and office-bearers of SETAs or any other persons who serve on a committee or other structure of a SETA. |
[Section 14(3A) inserted by section 9(b) of Act No. 31 of 2003]
| (3B) | For the purposes of subsections (3) and (3A), the administration of a SETA includes any aspect of the administration or management of a SETA, irrespective of who performs it. |
[Section 14(3B) inserted by section 9(b) of Act No. 31 of 2003]
| (4) | A SETA must be managed in accordance with the Public Finance Management Act. |
[Section 14(4) amended by section 9(c) of Act No. 31 of 2003]
| (a) | prepare annual budgets, annual reports and financial statements in accordance with Chapter 6 of the Public Finance Management Act; and |
| (b) | furnish the Director-General with copies of all budgets, reports and statements contemplated in paragraph (a) and any other information that it is required to submit in terms of the Public Finance Management Act. |
[Section 14(5) amended by section 9(c) of Act No. 31 of 2003]
| (6) | The Auditor-General must— |
| (a) | audit the accounts, financial statements and financial management of a SETA; and |
| (b) | report on that audit to the SETA and to the Minister and in that report express an opinion as to whether the SETA has complied with the provisions of this Act, and its constitution, relating to financial matters. |
