Financial Control. (1) The Management Committee shall cause full and true accounts of the Fund to be kept. (2) Benefits shall be suspended whenever the amount standing to the credit of the Fund falls below R2 million and payment shall not recommence until the amount standing to the credit of the Fund has reached the sum of R3 million: Provided that upon payment or benefits being resumed, claims made during such period of suspension shall be met from the Fund in the order in which they were received. (3) All monies paid to the Fund shall be deposited in a banking account to be opened at a bank and/or institution approved by the Management Committee (4) All payments from the Fund shall be by cheque drawn on the Fund’s account and such cheques shall be signed by two persons duly authorised thereto by the Management Committee. (5) All moneys regarded by the Management Committee as being surplus to the Fund’s immediate requirements may be invested only in – (a) Savings accounts, permanent shares or fixed deposits in any registered bank or financial institution; (b) Internal registered stock as contemplated in section 21 of the Exchequer Act, 1975 (Act No.66 of 1975); (c) A registered unit trust; or (d) Any other manner approved by the Registrar of Labour Relations, on such conditions as may be determined by the Management Committee from time to time. (6) All expenses incurred in connection with the administration of the Fund shall form a charge upon the Fund. (7) The Management Committee shall furnish the Management Committee of the Council with quarterly reports giving a general review of the operation of the Fund and on the income and expenditure for the period to which the report relates. (8) An auditor or auditors shall be appointed by the Management Committee. Such auditor(s) shall be registered in terms of the Public Accountants’ and Auditors’ Act, 1951 (Act No.51 of 1951). (9) As soon as possible after 31 December in each year the Management Committee shall prepare an account of the revenue and expenditure of the Fund for the 12 months ended 31 December and a statement showing the Fund’s assets and liabilities which shall be certified by the auditor and submitted together with any report by the auditor thereon to the Management Committee for transmission to the Council. (10) The certified accounts and statements and any report made by the auditor thereon shall be open for inspection at the head office of the Council. The certified accounts and statement countersigned by the Chairman of the Council, together with any report by the auditor shall be transmitted to the Director General of Labour within six months of the close of the period covered thereby.
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