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Finance and Financial Adjustments Acts Consolidation Act


Published: 1977-03-16

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Finance and Financial Adjustments Acts Consolidation Act
STAATSKOERANT VAN DIE REPUBLIEK VAN SUID-AFRIKA
REPUBLIC OF. SOUTH AFRICA
GOVER~ENT GAZETTE As •n Nuusb/ad by die Poskantoor Geregistreer Registered at the Post Office as a Newspaper
, ....... . VoL. 141]
Prys 20c Price Oorsee- 30c Overseas POSVRY,;_POST FREE' •·
·• KAAPSTAD, 16 MAART 1977' . . .' .. . ' .. ~
.CAPE TOWN, 16 MARCH 1977. [No. 5443
DEPARTEMENT VAN DIE EERSTE·MINISTER DEPARTMENT OF THE PRIME MINISTER
No. 384. 16 Maart 1977. No. 3.84 . 16 March 1977. . Hierby word bekend .gemaak. dat die Staatspresident sy
goedkeuring geh~g bet aan die. onderstaande Wet wat hierby ter algemene inligting g~publiseer word:-. ·
No. 11 van 1977: Konsolidasiewet op Finansie- en Finan- siele Reelingswette, 1977.
It is hereby notified that the State President has assented to the . following Act which is hereby published for general information:-
No. 11 of 1977: Finance and Financial Adjustments Acts Consolidation Act, 1977.
Please note that most Acts are published in English and another South African official language. Currently we only have capacity to publish the English versions. This means that this document will only contain even numbered pages as the other language is printed on uneven numbered pages.
2 No. 5443
Act No. 11, 1977
Assessment of rates within Calitzdorp Irrigation . District .
Certain stop-orders exempted from stamp duty.·
Rewards to informers in respect of precious metals and precious stones.
.'•.
GOVERNMENT GAZETIE, 16 MARCH 1977_
FINANCE AND FINANCIAL ADJUSTMENTS ACTS CONSOLIDATION ACT, 1977.
,.',·
-"··
ACT To consolidate provisions in Finance and Financial Adjust-
ment Acts up to and ineluding 1976.
(Afrikaans text signed by the State President.) (Assented to 3March 1977.)
BE IT E,_NACTED by the S¥~te P~~.side~t, the: Sf!natea':ld the House of Assembly of·the Republic of South Africa, as
follows:- . -
1. Every piece of land within the Calitzdo~ Irrigation District as described in Proclamation 141 of 1912, which before 1 January 1912 was irrigated 'with water"·froril:, llie_ ,Nels"River,·shalLbe included' in the schedule of rat~b!e are.as prepared in terrns· of. section 88 of the Water Act, 1956 (Act 54··of 1956), and a· differential rate equal to three-quarters of the rate assessed in terms of section 90 of the said Act in respect of land brought under irrigation after the said date, shall be assessed in respect thereof.
2. Notwithstanding anything contained in the Stamp Duties Act, 1968 (Act 77 of 1968), or any other law, any stop-order authorizing or requesting the deduction from any salary or wages of any subscription to any benefit or benevolent society or fund or any friendly society and the payment to such fund or society of any amount so deducted shall. not .be liable to stamp duty.
3. (1) NotwithsWtding anything ·in any other law contained, any person, other than a person in the service of the State, upon whose information any precious stone or precious metal or any money paid in respect of the illicj~ purchase of any precious stone or precious metal is seized under any law, may, at the discretion and under the written authority of the Commissioner of the South African Police, be paid out of the revenues accruing to the State from the sale of such precious stone or metal or from the seizure of such money a monetacy reward not exceeding one-third of the amopnt realized by such sale or of such mon!ly seized, as the case may be, and, where the said Commissioner is of the opinion that such a reward is inadequate, may in the discretion of the said Commissioner be paid out of moneys appropriated by Parliament for the p~se, such additional amount as together with the said reward does not exceed the sum of one hundred rand.
(2) Every payment under subsection (l) shall to the extent to which it does not exceed one-third of the amount so realized or of the money so seized be made by the Secretary for Inland Revenue by way of refund from the revenue in question, and any refund so made by him shall be deemed to be a drawback for the pu~oses of section 3 (2) (a) of the Exchequer and Audit Act, 1975 (Act 66 of 1975).
• ,.,.·
4 No. 5443
Act No. 11, 1977
Ministers may substitute publication in Gazette for certain publication in newspapers.
Provinces and South West Africa to pay part of certain pensions.
Disposal of tnlffic fines.
Payment for water taken or supplied under Ordinance 34 of 1905 (Transvaal).
GOVERNMENT GAZETTE,·16 MARCH 1977'
FINANCE AND FINANCIAL ADIDSTMENTS ACTS CONSOLIDATION ACT, 1977.
4. (1) Whenever any law confers the power or imposes the duty upon any Minister or upon any person in the service of the State to publish any information whatsoever in any newspaper, such Minister or the Minister in whose State department such person serves, may in his discretion direct, either in any particular instance or in general in regard to all or any one or more such publications, that such information be published in the Gazette in lieu of in such newspaper, or if such law provides for the publication of such information in the Gazette and in any newspaper, that it be published in the Gazette only, and in either case such Minister may in his discretion cause to be published, in such manner and form and at such time as he may determine, in any newspaper wherein the said information should have been published in terms of the said law, a concise notice directing attention to the publication ()fsuc.l! information in the Gazette.
(2) Any publication in the Gazette f!nder subsection (1) shall for the purposes of the law referred to in that subsection and notwithstanding the provisions of that law, be deemed to be a publication in a newspj\per wherein tl)e ,said j.nforma,tjon should. or could have been published in te1IDS of -su~h law.
5. (1) The pension payable to a. person who, in terms of any law governing his pension rights, was not required to contribute towards any fund from which . such pension is paid •and who; during any period subsequent to 31 May 1910, has rendered pensionable service under a provincial administration .or !he admiriistration of South West Africa, shall be paid partly from the State Revenue. Fund .and partly frolll the r~venue Jpnd of, the administration concerned, on a. propo}tio~al basis to be determmect by the Treasury.. . . . .. .. . . . . . .•. . . . . . . .
(2) In subsection (1) "Treasury" means the Ministerof Finance or any other .Minister !lcting .in li).s-stead, or., any officer· in the Department of Finance.I\Uthorizt;d.by such Mil,risterto perform the functions ,assigned to the Treasury in t):ris section. ,, .•
6. (1) Notwithstanding anything to the contrary in any law contained, any traffic fine shall, when recovered, be paid to the local authority within whose area of jurisdiction the offence in respect of which that traffic fine was imposed, was committed.
(2) In this section- · "local . authority" means a city council, a town .council, a
village council, a village management board, a health committee, a town board, the Local Health Commission constituted in terms of the Development and Services Board Ordinance, 1941 (Ordinance 20 of 1941 of the Province of Natal) or a local board;
"traffic fine" means . a fine imposed and moneys . estreated as bail in respect of any offence (other than- an
offence at common law or an offence under the Motor Carrier Transportation Act, 1930 (Act 39 of 1930)), relating to any vehicle whatsoever or to traffic of whatever nature (other than aerial or waterborne traffic) committed within the· area of jurisdiction of a local authority.
7. ( 1) Notwithstanding anything to the contrary contained in sections 2 and 6 of the Pretoria and Military Water Supply Offiinance, 1905 (Ordinance 34 of 1905 of the Transvaal), the Treasury may, in its discretion, pay to the City Council of Pretoria from moneys appropriated by Parliament the sum of ten cents for every 4,55 kilolitres of water taken or supplied and delivered in accordance with the provisions of those sections.
(2) In subsection (1) "Treasury" means the Minister of Finance or any other Minister acting· in his stead; or any officer in the Department of Finance authorized by such Minister to perform the functions assigned to the Treasury in this section.

6 No. 5443
Act No. 11, 1977
Disposal of estreated bail money.
Exemption of Bantu governments, assemblies, councils and authorities from payment of duties, fees and other taxes.
Compensation to certain persons injured as result of explosion at Grand Magazine, Pretoria.
Transfer of certain moneys from Staff Guarantee Fund (Fidelity) to Benevolent Fund.
Certain refunds of transfer duty to be paid as drawback from revenue accruing to State Revenue Fund.
GOVERNMENT GAZETTE, 16 MARCH 1977
FINANCE AND FINANCIAL 1\I>JUSTMENTS ACTS CONSOLIDATION ACT, 1977.
8 •. 'Notwithstanding· anything in any other law contained any amount collected in pursuance>of the estreatment of bail money shall be disposed of and brought to account as if it were collected in pursuance of a fine imposed for the offence in connection with which bail was granted. . . · : · .
9; (1) No duty; fee or other tax imposed by or under any law (other than any law relating to customs· or ·excise or to levies on agricultural products) shall be payable by· the government of any territory which is l\ self-governing territory within the Republic in terms of any law, a legislative council or authority established or recognized under. the Development of Self-government for Native Nations in South WestAfrica.Act, 1968 (Act 54 of 1968), any lOcal council established or deemed to. have been established under the Bantu· Affairs Act, 1959 (Act' 55 of· 1959), any Bantu authority established under the Bantu Authorities Act, .1951 (Act 68 of 1951 ), any legislative assembly established under the Bantl,l Homelands ~onstifution Act, 1971 (Act 21 of 1971): Provided that any government, assembly, council or authority referred to in this section may; at the end of i!S.financial year;·pay tp'any local authority an amount not exceeding that· which would, but for the provisions of this section, have become payable to the· local authority during that financial year.
(2) This section and any amendment thereof shall apply also in the territory of South West Africa, inc1udingcthe Eastern
(2) As from the·date mentioned in subsection (1), the said Custodian shall be relieved of all obligations imposed upon him in respect of moneys and property referred to in that subsection.
(3) As from the said date the Treasury inay, if it deems it to be . equitable, subject to such terms and conditions as it may
determine, refund or transfer moneys or property referred to in subsection ( 1 ), to or on behalf of the person who was the owner of such property or money immediately before it was acquired by the said Custodian, or to or on behalf of the successor in title of such person.
(4) Money refunded under subsection (3) shall be paid out of moneys appropriated by Parliament.
(5) The State President may by proclamation in the Gazette, as from a date fixed by him in such proclamation, repeal the powers conferred upon the Treasury by this sectiori.
37. The Minister of Finance may guarantee reimbursement of any loss which may be sustained by the South African Reserve Bank in respect of any gul!!antee. furnished by the said Reserve Bank for the repayment of the capital of, payment of the interest on, and payment of any charges incurred in connection with any promissory noteissuedby the Railways Administration in favour of International General Electric, Export. Division, General Electric Company, New York: Provided that the total amount of all such promissory notes whereof repayment may be so guaranteed shall not exceed R12 500 000.
38. No fees of office levied under the Patents Act, 1952 (Act 37 of 1952), the Trade Marks Act, 1963 (Act 62 of 1963), the Copyright Act, I 965 (Act 63 of 1965), the Designs Act, I 967 (Act 57 of 1967), or the Compani~s Act, 1973 (Act 61 of 1973), shall be payable by an authority or person referred to in section 4 of the Stamp Duties Act, 1968 (Act 77 of 1968).
39. (1) Notwithstanding anything to the contrary contained in any other law, the Treasury may from time to time receive the allocations by the International Monetary Fund to the Republic of special drawing rights, as defined in section I of the South African Reserve Bank Act, 1944 (Act 29 of 1944).
(2) The special drawing rights referred to in subsection (1) shall be transferred to the South African Reserve Bank, in this section referred to as the bank, by the Treasury and the bank shall reimburse the Treasury with the equivalent in South African currency of the total amount of the value of such rights thus transferred by the Treasury.
(3) The amount accruing to the Treasury in terms of subsection (2), shall be credited to the State Revenue Account and transferred to the bank for the credit of an account (in this section referred to as the Special Drawing Rights Deposit Account) to be established and managed by the bank on behalf of the Treasury.
(4) Any expenditure, assessments, charges or interest payable relating to transactions of the Republic in respect of special drawing rights, shall be debited by the bank to an account (in this section referred to as the Drawing Rights Expense Account) to be established and managed by the bank on behalf of the Treasury.
(5) Any interest earned or any other revenue obtained relating to transactions of the Republic in respect of special drawing


26 No. 5443
Act No. 11, 1977
Special drawing rights held by South African Reserve Bank.
GOVERNMENT GAZETTE, 16 MARCH 1977
FINANCE AND FINANCIAL ADJUSTMENTS ACTS CONSOLIDATION ACT, 1977.
rights, shall be received on behalf of the Treasury by the bank and credited to an account (in this section referred to as the Drawing Rights Revenue Account) to be established and managed by the bank on behalf of the Treasury.
(6) Any expenditure incurred, loss sustained or profit gained as contemplated by subsections (4) and (5) and relating to transac- tions of the Republic in respect of special drawing rights, shall be for the account of the State Revenue Account.
(7) Moneys in the Special Drawing Rights Deposit Account may at any time be utilized by the Treasury to take over special drawing rights from the bank in order to redeem allocations of special drawing rights received by the Republic from the International Monetary .. Fund. .
(8) Notwithstanding anything to the contrary contained in the Exchequer and Audit Act; 1975 (Act 66 of 1975), the Treasury is hereby authorized to grant from time• to time. to the accounting officer concerned, as . a charge to the State Revenue Account, credits for the amounts· required for the purposes of subsections (3) and (6).
(9) Any moneys which are utilized in terms of the provisions of subsections (3) and (6), shall be deemed to have been appropriated in terms of an Appropriation Act.
(10) The Auditor"General may accept as correct a certificate by the auditors of the bank, that any statement of account to which the certificate relates is a true and complete statement of all transactions, receipts and payments by the bank in terms of the provisions of this section during the period covered by such statement.
(11) Any balances on the accounts referred to in subsections (4) and (5), may be carried forward until such times as either ti).e Treasury or the, bank deems it desirable that a settlement of the outstanding balances shall be effected. . . .
(12) The Minister of Finance shall as soon as possible after 31 March of each year lay on the Table of the Senate .and of the House of Assembly a statement in which the receipts of and expenditure from the accounts established in terms of this section, are shown in respect of the year ending on the said date.
40. ( 1) All assets in special drawing rights acquired by the South African Reserve Bank (in this section referred to as the bank) after 30 June 1969, shall be for the profit or loss of the Government of the Republic.
(2) The bank shall render to the Treasury at such times as the Tre·asury may direct a statement or statements in which its transactions in respect of special drawing rights in terms of paragraph (hA) of section 8 (1) of the South African Reserve Bank Act, 1944 (Act 29 of 1944), are reflected.
(3) Any loss sustained by the bank as a result of the depreciation of special drawing rights in relation to South Mrican currency or the appreciation of South African currency in relation to such special drawing rights, shall be a charge: against the State Revenue Fund, and any profit gained by the bank as a result of the appreciation of special drawing rights in relation to South African currency or the depreciation of South African currency in relation to such special drawing rights, shall be held for the benefit of the State Revenue Fund.
( 4) Any profit or loss contemplated by this section may be carried forward until such times as either the Treasury or the bimk deems it desirable that a settlement of the outstanding balance shall be effected.
(5) Any loss contemplated by this section shall be defrayed from moneys appropriated by Parliament for the purpose.
(6) The Auditor-General may accept as correct a certificate by the auditors of the bank, certifying that a statement to which the certificate refers, is a true and complete statement of all the bank's transactions, receipts and payments during the period covered by the statement and referred to in this section.

28 No. 5443
Act No. 11, 1977
Remission of capital and interest owing by magistrate of Rehoboth district, and use thereof by him.
Transfer of c·e~in assets, rights, liabili- ties and obliga- tions connected with administra- tion of health matters for Bantu in Bantu areas.
Guarantees by Minister of Finance in respect of loans granted in foreign countries to the Rand Water Board and local authorities.
GOVERNMENT GAZETTE, 16 MARCH 1977
FINANCE AND FINANCIAL ADJUSTMENTS ACTS CONSOLIDATION ACT, 1977.
41. (1) The magistrate of the Rehoboth district ·is hereby exempted from liability to repay the amount of R143 352,14, being the balance owing on the loan of R200 000 granted by the Administration of South West Africa to that magistrate in his capacity referred to in section 1 of Proclamation 31 of 1924 of the Administrator of South West Africa, and to pay the outstanding interest on that loan. · ·
(2) The said magistrate shall, subject to the directions of the Minister of Coloured, Rehoboth and Nama Relations, use the amount and interest referred to in subsection (1), and any profits made thereon, for the development of the area known as the "Rehoboth Gebiet" and for the promotion of the welfare of the inhabitants of that area.
42. ( 1) (a) Subject to the provisions of. subsection (2), the Minister of Bantu Administration and Development may
. direct that assets, rights, liabilities and obligations of the Government of the Republic or a provincial adminis- tration which in his opinion are connected with the administration of health. matters~ including hospitaliza- tion, for Bantu in any area consisting of land referred to in section 21 (1) of the Bantu Trust and Land Act, 1936 (Act 18 of 1936), or any scheduled Bantu area as defined in that Act, shall as from a date determined by the said Minister become, or as from a date so determined not being a date earlier than 1 April 1970, be deemed to have become, the assets, rights, liabilities arid obligations of the South African Bantu Trust constituted by section 4 of the said Act.
(b) The.Minister of Bantu Administration and Development may exercise the powers· conferred by paragraph (a) in respect of all ;~ssets, rights; liabilities or obligations 'referred to in that paragraph or exercise those powers from ·time to time in respect of such assets, rights, liabilities or obligations as 'he may indicate or rn respect of assets, rights, liabilities or obligations other than those indicated by him, and may determine different dates under that paragraph in respect of different assets, rights, liabilities or obligations.
(2) A direction in terms of subsection (I) shall not be issued except with the concurrence of the Minister of Finance, and, in the case of assets, rights, liabilities or obligations of a provincial administration, also of the Administrator cmicerned, and shall be subject to such conditions as the Minister of Bantu Administration and Development may with such concurrence determi!Je.
(3) The Minister of Finance may reduce the total loan indebtedness of any provincial administration to the Treas11cy by an amount which he, after consultation with the Administrator of the province concerned, is satisfied represents the outstanding loan indebtedness (including interest) as at 1 April 1970, and interest since that date, in respect of any asset transferred in terms of subsection (1).
(4) The officer in charge of any deeds registry in which immovable property transferred under subsection (I) is registered shall, on production to him of the title deeds of such property and a declaration signed by the Secretary for Bantu Administration and Development that such property has been so transferred; endorse the transfer on such deeds and make suitable entries of the transfer in the records in his office.
43. The Minister of Finance may guarantee, subject to such conditions as he may determine, repayment of the capital of, payment of the interest on, and payment of any charges incurred in connection with, any loan granted by any person in a foreign country to the Rand Water Board or a local authority.


30 No. 5443
Act No; 11, 1977
GOVERNMENT GAZETIE, 16 MARCH 1977
FINANCE AND FINANCIAL ADJUSTMENTS ACTS CONSOLIDATION ACT, 1977.
Guarantee by 44. The Minister of Finance may. guarantee reimbursement ·of Minister of any loss which may be su. stained by the South African Reserve Finance for reimbursement of Bank in respect of any· guarantee furnished: by the said Reserve losses consequent Bank for the repayment of the capital·of, payment of the interest upon guarant~ on, and payment of any charges incurred in connection with, any l(' SouthB~c~n promissory note issued by the Railways Administration in favour P::;~t of ~~rtain of a foreign bank: Provided that the total amount of all such promissory promissory notes whereof repayment· may be so guaranteed shall no~es issued by not exceed an amount equivalent to twenty"five million United R~l.way~ Ad- States dollars, · · numstratlon.
Guarantee by Minister of Finance for reimbursement of losses consequent upon guarantee by South African Reserve Bank for payment of certain promissory
· notes issued by Armaments Board.
Guarantee by Minister of Finance for reimbursement of losses consequent upon guarantee by South African Reserve Bank for payment of certain promissory notes issued by Railways Ad- ininistration.
Repayment of amounts in inactive Post Office Savings Bank accounts from Revenue Fund of territory of South West Mrica.
Transfer of certain State property to College establish- ed by Proclamation 40 of 197,2.
Conversion of loan liability of Armaments Development and Production Corporation of South Africa, Limited, into share capital.
. ! . ' .
45. The Minister of Finance may guarantee .reimbursement of any loss which may be sustained by the South African Reserve Bank. in respect qf any guarantee furnished by the said Reserve Bank for the repayment of the, ,capital. of, payment of the interest on, and payl\lent of any charges incurred in connection with, any promissory note issued by the Armaments Board in favour of any contractor for the supply of arq~aments: Provided that the total amount of all such promissory·notes whereof repayment may be S() guaranteed, shall not exceed R20 000 000.
· 46. 'Tiie :rylinister of Finance may guarantee reimbursement of any loss whicq may· be sustained by the South :African Reserve Bank in respecl of any guarantee furnished by the said Reserve Bank for the repayment of the capital of, payment· of the interest on, and· payment· of any charges Incurred hi connection with, any promissory note issued by the Railways Administration in favour of the General Electric Company, International Sales Division, New York: Provided that the total amount of all such promissory notes whereof repayment may be so guaranteed shall not exceed R20 000 000. '
47. Notwithstanding anything to . the contrary in any law contained, the Revenue ·Fund' of the territory of South West Mrica shall. be charged with the repay~ent ofan amo11nt which was paid into that Revenue Fund in terms of' section 62 of the Post Office Ordinance, J963 ·(Ordinance 30 of 1963 of'the said territory): Provided that if application for repayment of such an amount is made by .the depositqr or any .person legally authorized to claim on his behalf, the Postmaster-General shall pay that amount out of the accruing revenue of the . Department of Posts and Telecom~ munication.s, and an equivalent amount shall be paid into . the revenue of that. Department from the Revenue Fund of the te~tory of South West Africa. ·
48. (1) The land held by the State under deed of transfer No. 38437/1970, together with the improvements thereon, and all movable State property that was immediately before 1 April 1972 used exclusively in connection with the school that was known as the Vaal Triangle College for Advanced Technical Education shall, without any liability to pay compensation, vest in the College established by Proclamation R.40 of 1972.
(2) No .transfer duty, stamp duty or fees of office shall oe payable in. respect of the registration of the ·immovable property mentioned in subsection ( 1) in the name of the College established by the said proclamation.
49. The amount of R14 000 000 loaned during the period from 29 October 1969 to 31 March 1970 by the State to the Armaments Development and Production Corporation of South Africa, Lhnited, established by section 2 of the Armaments Development and Production Act, 1968 (Act 57 of 1968), shall be deemed to be moneys paid by the State to the said Corporation in respect of shares in the said Corporation taken up by the State in terms of section 6 of the said Act, and no interest shall be payable by the said Corporation to the State in respect of the said amount with effect from 1 April 1973.

32 No. 5443
Act No. 11, 1977
Establishment of Deposit Fund for Housing ..
Guarantee by Minister of Finance for drawings against letters of credit issued by South Afri· can Reserve Bank on behalf of Armaments Board.
Application of Act 40 of 1974, and certain determination thereunder, to certain office- bearers and members of Parliament
GOVERNMENT GAZEITE, 16 MARCH 1977
FINANCE AND FINANCIAL ADWSTMENTS ACTS CONSOLIDATION ACT, 1977.
50. (1) There is hereby established a fund to be known as the beposit Fund for Housing (in this section referred to as the Deposit Fund), which shall be credited with-
( a) moneys appropriated by Parliament; (b) interest received in terms of subsection (3 ); (c) moneys repaid to the Deposit Fund in terms of
subsection (5); (d) losses compensated in terms of subsection (6); (e) interest derived from any investment in terms of
subsection (8); and if) moneys accruing to the Deposit Fund from any other
source. , (2) The moneys in the Deposit Fund shall be utilized for-
(a) the furnishing of additional security in terms of section 46 (2) (a) of the Building Societies Act, W65 (Act 24 of 1965), in respect of.,-
(i) any person referred to in section 25 of this Act; and (ii} an employee of a province in respect of whom the
administrator of the province in question may issue a guarantee in terms of an ordinance of that province in respect of any loan required· by such employee for the purpose of obtaining a dwelling;
(b) the payment of interest in terms of subsection (4 ) . . (3) An amount paid in terms of subsection (2) (a) shhll bear
interest at a rate to be agreed upon .between the building society in question and the SecretarY for Community Development in consultation with the Secretary to the Treasury, and such interest shall be payable by such building society to the Deposit Fund.
(4) Interest, at the rate determined by the Treasury, shall be, paid to the Treasury out of the Deposit Fund on its capital.
(5) S!lbject to the provisions of subsection {6) an amount paid to a building society in terms of subsection (2) (a), shall be repaid by the building society to the Deposit Fund at the times and on the terms and conditions determined by the Secretary for Community Development in consultation with the Secretary to the Treasury .
. (6) The _al)lo'unt of any loss suffered by the Deposit Fund in respect of arty additional security furnished in terms of subsection (2) (a) .ori behalf of any person shall be compensated to the Deposit Fund from .the ~fund from which or by the employer by whom the salary'· of such a person was paid at the time of the· furilishing of the additional security. . . . . ·
(7) The Deposii'Fund shall be under the control of the Secretary for Community Development, who .shall cause proper records and accounts to be kept of all payments into and out of the Deposit Fund and 'shall prepare !illnually a statement of income and expenditure' and· it balance· sheet, both as at 31 March, for examination and auditing by the Auditor-General.
(8) Any monc::ys in the Deposit Fund which are not required for immediate use shall be invested with the Public Debt Com- missioners and may be withdrawn when required.
(9) Any unexpended balance in the Deposit Fund at the end of any financial year shall be carried forward as .a credit in the Deposit Fund to the next succeeding financial year.
51. The Minister of Finance may guarantt:e the equivalent in rand value of all drawings against letters of credit issued by the South African Reserve Bank on behalf of the Armaments Board for the purchase of armaments, to the said Bank: Provided that the total amount of drawings against letters of credit so guaranteed, shall not at any time exceed R50 000 000.
52. The provisions of the Payment of Members of Parliament Act, 197 4, and any determination of salaries and allowances by the State President thereunder before 20 November 1974, shall apply also to persons who were office-bearers or members of Parliament on 1 July 1974, but ceased to be such office-bearers or members before 24 September 1974.


34 No. 5443
Act No. 11; 1977 ·
Payment of certain moneys as charge to State Revenue Fund into the Strategic Oil Fund, and utilization and investment thereof.
Guarantees by Minister of Fi'nance for reimbursement of losses consequent upon guarantee by the South African Reserve Bank for the repayment of loans raised by subsidiary company of the Armaments Development and Production Corporation of South Africa, Limited.
Guarantees by · Minister of Economic Affairs in respect of loans and export credit granted abroad to the South African Coal, Oil and Gas Corporation Limited, Sasol (Transvaal) Limited or SOF (Proprietary) Limited.
GOVERNMENT GAZETIE, 16 MARCH 1977
ANANCE AND FINANCIAL ADJUSTMENTS ACTS CONSOLIDATION ACT, 1977.
53. (I-) There shall be paid, as a charge to the State Revenue Fund, into the StrategiC Oil Fund, established, by the. company incorporated under section 21 of.the Companies Act, 1973 (Act 61 of 1973), under the name· SFF Association and which shall be transferred to a company· formed under the· name SOF (Proprie- tary) Limited and incorporated under the said Act-
(a) an amount of 3,7 cents of the customs or excise duty on a kilogram of liquefied petrolel,im gas paid into the. State Revenue Fund;
(b) an amount of 2 cents of the._customs or excise duty on a litre of petrol, aviation spirit, kerosene, distillate fuel or residual fuel oil paid into the State Revenue Fund, in respect of which no· rebate is applicable; and
(c) an amount of I cent of the customs or excise duty on a litre of kerosene, distillate fuel or residual fuel oil paid into . the State Revenue Fund, in respect of which a partial- rebate is applicable, and which after application of the rebate is not less than I cent. · ·
· (2) (a) Moneys paid in terms of subsection (l) into the said Strategic Oil Fund, shall be utilized in accordance with directions of the Minister of Economic Affairs for the financing. or promotion of_,- (i) the acquisjtion of coal, the exploitation or coal
deposits, the manufacture of liquid fuel, oil and other products from coal, the marketing of the said products, and any ·matter connected with the said acquisition, exploitation; manufacture and market- ing; and ·
(ii) any other object for which that Fund may be applied, and which has been designated or approved by the said' Minister in consultation with the Minister of Finance.
(b) Any such moneys not immediately· required ·for a · purpose mentioned in paragraph (a), shall be invested
with the Public Debt Commissioners or in such other manner as the said· Minister may determine in consul- tation with the Minister of Finance.
54. (I) The Minister of Finance may guarantee reimbursement of any loss which may be sustained by the South African Reserve Bank In respect of any guarantee furnished by the said bank for the repayment of the capital of, the payment of interest on and the payment of any charges incurred in connection with a loan raised by a subsidiary company of the Armaments Development and Production Corporation of South· Africa; Limited, in the Republic or elsewhere: Provided that no such guarantee may be so furnished, if- · ·'
(a) the amount of such loari; or (b) the amount of such loan together with the am