Housing Consumers Protection Measures Act, 1998 (Act No. 95 of 1998)Chapter IV : Financial Matters15. Funds of Council |
| 1) | The funds of the Council shall consist of- |
| a) | any fee or charge payable by home builders or a provincial housing development board; |
| b) | interest derived from investments; and |
| c) | any money which may accrue to the Council from any other source. |
| 2) | Subject to section 17(2), the Council shall pay out of its funds- |
| a) | any amount contemplated in section 17(1); and |
| b) | any amount required to meet the operational costs of the Council, in accordance with an annual budget for each financial year approved by the Council. |
| 3) | The Council shall open an account with a financial institution and shall deposit in that account the money received by it in terms of this Act. |
| 4) | The Council shall establish a fund for the purposes of providing assistance to housing consumers under circumstances where a home builder fails to meet his or her obligations under section 13(2)(b)(i). |
| 5) | After consultation with and in a manner prescribed by the Minister, the Council may establish, a fund or funds for the purposes of providing assistance to housing consumers- |
| a) | where a registered home builder has failed to meet his or her obligations to the housing consumer under section 13(2)(b)(iii); |
| b) | where a registered home builder has failed to complete an enrolled home and the enrolment of that home has been suspended or cancelled in terms of section 14(4) or (5); |
| c) | where a registered home builder has misappropriated a deposit from a housing consumer; or |
| d) | for any other purpose, including the training of historically disadvantaged home builders, to enhance housing consumer protection measures covered within the scope of this Act. |
| 6) | The Council shall- |
| a) | keep accounting records in order to fairly present the financial position of the Council, including any fund, and to explain the transactions of the Council; |
| b) | as soon as possible, but not later than six months, after the end of each financial year of the Council ending in each year on a date determined by the Council, with the approval of the Minister, cause annual financial statements in respect of the Council, including any fund, to be prepared, showing, with all the appropriate particulars, the moneys received and expenditure incurred during, and assets and liabilities at the end of, the said financial year; |
| c) | cause the accounting records and annual financial statements of the Council, including any fund, to be audited by the Auditor-General; and |
| d) | submit to the Minister- |
| i) | the audited annual financial statements of the Council, including any fund, as contemplated in section 8; and |
| ii) | at the end of every quarter, financial and statistical reports in respect of the Council. |
| 7) | The Chief Executive Officer shall be the accounting officer charged with the responsibility of accounting for money and expenditure incurred by the Council. |
| 8) | The financial statements and accounting records of the Council shall be kept at the registered office of the Council. |