Skills Development Act, 1998 (Act No. 97 of 1998)ConstitutionsConstitution of the Agriculture Sector Education and Training Authority (AgriSETA)Chapter Seven: Finances and Fiduciary Responsibilities38. Finances |
| 38.1 | AgriSETA is financed from: |
| 38.1.1 | 80 per cent of the skills development levies, interest and penalties collected in respect of AgriSETA, as allocated in terms of sections 8(3)(b) and 9 (b) of the Skills Development Levies Act; |
| 38.1.2 | the moneys paid to it from the National Skills Fund; |
| 38.1.3 | grants, donations and bequests made to it; |
| 38.1.4 | income earned on surplus moneys deposited or invested; |
| 38.1.5 | income earned on services rendered in the prescribed manner; and |
| 38.1.6 | money received from any other source. |
| 38.2 | The money received by AgriSETA must be paid into a banking account at any registered bank and may be invested only in: |
| 38.2.1 | savings accounts, permanent shares or fixed deposits in any registered bank or other financial institution; |
| 38.2.2 | internal registered stock as contemplated in section 21(1) of the Exchequer Act 66 of 1975 any other manner approved by the Minister. |
| 38.3 | The moneys received by AgriSETA may be used only in the prescribed manner and in accordance with any prescribed standards or criteria to: |
| 38.3.1 | fund the performance of its functions; and |
| 38.3.2 | pay for its administration within the prescribed limit. |
| 38.4 | AgriSETA must be managed in accordance with the Public Finance Management Act. |
| 38.5 | AgriSETA must: |
| 38.5.1 | prepare annual budgets, annual reports and financial statements in accordance with Chapter 6 of the Public Finance Management Act; and |
| 38.5.2 | furnish the Director-General with copies of all budgets, reports and statements contemplated in clause 38.5.1 or other information that it is required to submit in terms of the Public Finance Management Act. |