Act No. 20 of 2015

Act No. 20 of 2015 » new Development Bank Special Appropriation Act, 2015

Title	Act No. 20 of 2015 » new Development Bank Special Appropriation Act, 2015
Department	Parliament of the Republic of SA
Gazette	National Gazettes, No. 39513 of 15 December, 2015, 3 page(s), 123Kb
Act	Act No. 20 of 2015

2     No. 39513                       GOVERNMENT GAZETTE, 15 December 2015
                         Act No. 20 of 2015               New Development Bank Special Appropriation Act, 2015

(English text signed by the President)
                                               (Assented to 13 December 2015)

ACT

To appropriate an additional amount of money for the requirements of the
                         National Treasury to pay the ﬁrst capital instalment to the New Development
                         Bank; and to provide for matters connected therewith.

E IT ENACTED by the Parliament of the Republic of South Africa, as
                         B follows:—

Appropriation of additional amount of money for requirements of National
                         Treasury
                           1. (1) Subject to the payment into the National Revenue Fund of the requisite revenue  5
                         from the sale of assets of the State in the 2015/16 ﬁnancial year, an amount in rands, that
                         is equivalent to 150 million United States dollars, at the applicable rate of exchange at
                         the time of payment, is hereby appropriated out of the National Revenue Fund for the
                         requirements of the National Treasury in the 2015/16 ﬁnancial year to pay the ﬁrst
                         capital instalment to the New Development Bank, in accordance with the Agreement on 10
                         the New Development Bank between the Governments of Brazil, Russia, India, China
                         and South Africa.
                           (2) Subject to the Public Finance Management Act, 1999 (Act No. 1 of 1999), the
                         accounting officer of the National Treasury must pay the amount referred to in
                         subsection (1) in accordance with the Agreement on the New Development Bank 15
                         between the Governments of Brazil, Russia, India, China and South Africa.
                           (3) The Minister of Finance may, in writing—
                             (a) impose conditions on the appropriation, in order to promote and enforce
                                 transparency and effective management of funds; and
                             (b) stop the use of the appropriation, if conditions have been imposed in terms of 20
                                 paragraph (a), until such conditions are met.
                           (4) The stoppage of an appropriation in terms of subsection (3)(b) must be disclosed
                         in the National Treasury’s next quarterly report to the relevant Parliamentary
                         Committees.
                         Short title                                                            25

2. This Act is called the New Development Bank Special Appropriation Act, 2015.

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Act No. 20 of 2015

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