Agrement South Africa Act, 2015 (Act No. 11 of 2015)23. Funding and investments |
| (1) | The funds of Agrément South Africa consist of— |
| (a) | moneys appropriated by Parliament for the achievement of the objectives of Agrément South Africa; |
| (b) | income derived by virtue of the exercise and performance of its powers and duties; |
| (c) | donations or contributions received by Agrément South Africa from any source with the approval of the Minister; and |
| (d) | any other income, including interest earned on any investment made in terms of this section. |
| (2) | Agrément South Africa must— |
| (a) | use its funds to defray expenses incurred by it in the exercise of its powers and the performance of its duties; and |
| (b) | use donations or contributions contemplated in subsection (1)(c) for such purposes and in accordance with such conditions, if any, as are specified by the donor or contributor concerned, with the approval of the Minister. |
| (3) | Agrément South Africa may invest any of its funds not immediately required— |
| (a) | subject to any investment policy that may be prescribed in terms of section 7(4) of the PFMA; and |
| (b) | in such manner as may be prescribed by the Minister. |
| (4) | The Board may, with the approval of the Minister and the Minister responsible for finance, authorise the establishment of such reserve funds and deposit such amounts therein as the Board deems necessary and desirable. |
| (5) | The Board must in each financial year, at such time as determined by the Minister, submit a statement of the Board’s estimated income and expenditure for the following year to the Minister for his or her approval. |
| (6) | The Board must comply with the applicable provisions of the PFMA. |