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

Notices

Notice of Abolition of Industry Training Boards established under sections 12A and 12B of the Manpower Training Act, 1981

Guidelines regarding the Abolition of Industry Training Boards established in terms of section 12A and 12B of the Manpower Training Act, 1981

9. Settling of liabilities and obligations
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1)The SETA shall honour the liabilities and obligations referred to in item 4(4)(a) of the Act out of assistance referred to in section 9(3) of the Act and shall keep and maintain such financial records and systems and bank accounts for that purpose.

 

2)The provisions of item 9(1) shall only apply if:
a)the assets and rights transferred to a SETA cannot satisfy the liabilities and obligations referred to therein;
b)the SETA fails to raise money with financial institutions or otherwise for that purpose.