Page:Constitution of the Republic of South Africa 1996 from Government Gazette.djvu/101



Chapter 13—Finance

terms of section 163  ; and nine other persons.

Members of the Commission must have appropriate expertise.

Members serve for a term established in terms of national legislation. The President may remove a member from office on the ground of misconduct, incapacity or incompetence.

Reports

The Commission must report regularly both to Parliament and to the provincial legislatures.

Establishment

The South African Reserve Bank is the central bank of the Republic and is regulated in terms of an Act of Parliament.

Primary object

The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.

The South African Reserve Bank, in pursuit of its primary object, must perform its functions independently and without fear, favour or prejudice, but there must be regular consultation between the Bank and the Cabinet member responsible for national financial matters.

Powers and functions

The powers and functions of the South African Reserve Bank are those customarily exercised and performed by central banks, which powers and functions must be determined by an Act of Parliament and must be exercised or performed subject to the conditions prescribed in terms of that Act.

Provincial Revenue Funds

There is a Provincial Revenue Fund for each province into which all money received by the provincial government must be paid, except money reasonably excluded by an Act of Parliament.

Money may be withdrawn from a Provincial Revenue Fund only —

in terms of an appropriation by a provincial Act; or as a direct charge against the Provincial Revenue Fund, when it is provided for in the Constitution or a provincial Act.

Revenue allocated through a province to local government in that