10. The financial year of the Fund commences on 1 April and ends on 31 March in each year. Accounts and audit of Fund 11. (1) The Board must keep or cause such records of account to be kept in accordance with general accepted accounting practices, principles and procedures as are necessary to represent fairly the state of affairs and business of the Fund and to explain the transactions and financial position of the Fund. (2) Not than three months after the end of each financial year of the Fund, the Secretary must prepare and submit to the Board for approval, financial statements, comprising - (a) a statement reflecting, with suitable and sufficient particulars, the income and expenditure of the Fund during that financial year; and (b) a balance showing the state of the Fund’s assets, liabilities and financial position as at the end of that financial year. (3) The accounting records and the financial statements of the Fund must be audited annually by the Auditor-General. Annual statements 12. (1) The Board must submit to the Minister an annual report of the Fund’s activities within six months of the end of each financial year, or such longer period as the Minister may determine, which report must be accompanied by - (a) the audited financial statements of the Fund referred to in section 11 for that financial year; and (b) the auditor’s report relating to those financial statements. (2) The Minister must table in the National Assembly the annual report and financial statements submitted to the Minister in terms of subsection (1) within 30 days from the date of their receipt or, if the National Assembly is not then in ordinary session, within 14 days after the commencement of its next ordinary session. (3) The Board must, if the Minister at any time so requires, furnish to the Minister a report and particulars relating to the performance of the functions of the Fund in relation to any matter as the Minister may require. Exemption from certain duties and levies 13. Notwithstanding anything to the contrary in any law - (a) the income of the Fund is exempt from income tax; (b) no transfer duty, stamp duty or any other fee payable to the Registrar of Deeds in connection with the transfer of immovable property is payable in respect of the acquisition and transfer of immovable property by the Fund; and
10. The financial year of the Fund commences on 1 April and ends on 31 March in each year. Accounts and audit of Fund 11. (1) The Board must keep or cause such records of account to be kept in accordance with general accepted accounting practices, principles and procedures as are necessary to represent fairly the state of affairs and business of the Fund and to explain the transactions and financial position of the Fund. (2) Not than three months after the end of each financial year of the Fund, the Secretary must prepare and submit to the Board for approval, financial statements, comprising - (a) a statement reflecting, with suitable and sufficient particulars, the income and expenditure of the Fund during that financial year; and (b) a balance showing the state of the Fund’s assets, liabilities and financial position as at the end of that financial year. (3) The accounting records and the financial statements of the Fund must be audited annually by the Auditor-General. Annual statements 12. (1) The Board must submit to the Minister an annual report of the Fund’s activities within six months of the end of each financial year, or such longer period as the Minister may determine, which report must be accompanied by - (a) the audited financial statements of the Fund referred to in section 11 for that financial year; and (b) the auditor’s report relating to those financial statements. (2) The Minister must table in the National Assembly the annual report and financial statements submitted to the Minister in terms of subsection (1) within 30 days from the date of their receipt or, if the National Assembly is not then in ordinary session, within 14 days after the commencement of its next ordinary session. (3) The Board must, if the Minister at any time so requires, furnish to the Minister a report and particulars relating to the performance of the functions of the Fund in relation to any matter as the Minister may require. Exemption from certain duties and levies 13. Notwithstanding anything to the contrary in any law - (a) the income of the Fund is exempt from income tax; (b) no transfer duty, stamp duty or any other fee payable to the Registrar of Deeds in connection with the transfer of immovable property is payable in respect of the acquisition and transfer of immovable property by the Fund; and
Veterans%20Act%202%20of%202008.docx