Gold and Foreign Exchange Contingency Reserve Account Defrayal Act [No. 4 of 2003]
REPUBLIC OF SOUTH AFRICA
Vol. 453 Cape Town 31 March 2003 No. 24684
THE PRESIDENCY No. 469 31 March 2003 It is hereby notified that the President has
assented to the following Act, which is hereby published for general information:–
No. 4 of 2003: Gold and Foreign Exchange Contingency Reserve Account Defrayal Act, 2003.
2 KO. 24684 GOVERNMENT GAZETTE. 3 I MARCH 2003
Act No. 4,2003 GOLD AND FOREIGN EXCHANGLCONTINGENCY RESERVE ACCOUNT DEFRAYAL ACT. 2003
(English text signed by the President.) (Assented to 28 March 2003.)
ACT To provide for the defrayal of a loss on the Gold and Foreign Exchange Contingency Reserve Account.
B E IT ENACTED by the Parliament of the Republic of South Africa. as fol~0ws:- Defrayal of a loss on the Gold and Foreign Exchange Contingency Reserve Account
1. Despite anything to the contrary contained in any law, payments to defray a loss on the Gold and Foreign Exchange Contingency Reserve Account are a direct charge 5 against the National Revenue Fund.
2. The payments to be made in terms of the mechanism contemplated in section 1, in respect of the 2002/03, 2003/04, 2004/05 and 2005106 financial years, are: - _
( a ) an amount of R7 000 million (seven thousand million rand) for the 2002/03 10 financial year: and
(6) an amount not exceeding R31 024 million (twenty one thousand and twenty four million rand) for the 2003/04, 2004l05 and 2005/06 financial years. subject to an agreement between the National Treasury and the South African Reserve Bank on the outstanding amount to be settled and the exact figure to 15 be paid in each of those financial years.
3. This Act shall be called the Gold and Foreign Exchange Contingency Reserve Account Defrayal Act. 2003.