Skills Development Act, 1998 (Act No. 97 of 1998)ConstitutionsConstitution of the Mining Qualifications Authority (MQA)25. Funds of Authority |
| 25.1 | The Authority must administer and control its financial affairs in accordance with the Act and the Public Finance Management Act. |
| 25.2 | The Authority is the accounting authority as contemplated in Part 2 of chapter 6 of the Public Finance Management Act and must accordingly exercise the powers and perform the functions required of an accounting authority by the Public Finance Management Act. |
| 25.3 | The funds of the Authority consist of: |
| 25.3.1 | moneys appropriated by Parliament to perform its functions; |
| 25.3.2 | moneys which accrue to the Authority in terms of regulations made under this Act or in terms of any other applicable law; |
| 25.3.3 | the skills development levies collected in the sector; |
| 25.3.4 | moneys paid to the Authority from the National Skills Fund; |
| 25.3.5 | revenue obtained from investments; |
| 25.3.6 | fees obtained from services provided by the Authority. |
| 25.3.7 | grants, donations and bequests made to it by any person, body, government or administration; and |
| 25.3.8 | money received from any other legal source. |
| 25.4 | The money received by the Authority must be paid into a banking account at any registered bank or financial institution registered in South Africa and approved in writing by the National Treasury. May be invested only in— |
| 25.4.1 | savings accounts, permanent shares or fixed deposits in any registered bank or financial institution; |
| 25.4.2 | internal registered stock contemplated in section 21 (1) of the Exchequer Act, 7 975 (Act No. 66 of 1975); or |
| 25.4.3 | any other manner approved by the Minister, |
| 25.5 | The moneys received by the Authority must be used only in the prescribed manner and in accordance with any prescribed standards and criteria to— |
| 25.5.1 | fund the performance of its functions; and |
| 25.5.2 | pay for its administration within the prescribed limit. |
| 25.6 | In each financial year, ending on the prescribed date, the Authority must, 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. |
| 25.7 | The Authority must— |
| 25.7.1 | prepare annual budgets, annual reports and financial statements in accordance with Chapter 6 of the Public Finance Management Act; and |
| 25.7.2 | furnish the Director-General with copies of all budgets, reports and statements contemplated in clause 25.7.1 and any other information that it is required to submit in terms of the Public Finance Management Act. |