Republic of South Africa Constitution Act, 1961/1966-10-28

as amended by

Provincial Executive Committees Act, No. 28 of 1962

Constitution Amendment Act, No. 65 of 1962

Constitution Amendment Act, No. 9 of 1963

Provincial Councils and Executive Committees Act, No. 22 of 1963

Coloured Persons Education Act, No. 47 of 1963

Provincial Executive Committees Act, No. 64 of 1963

Indians Education Act, No. 61 of 1965

Constitution Amendment Act, No. 83 of 1965

Pension Laws Amendment Act, No. 102 of 1965

Constitution Amendment Act, No. 37 of 1966

Second Finance Act, No. 58 of 1966

 104A. (1) The board shall, with effect from the first day of April, 1967, establish a sinking fund under the management of the Public Debt Commissioners.

(2) The fund shall be divided into two parts, to be known as the Redemption Account and the Reserve Account, respectively.

(3) The moneys in the Redemption Account shall, subject to the provisions of subsections (7) and (8), be used only for the redemption of loan funds appropriated from the Consolidated Revenue Fund for railway and harbour purposes.

(4) The moneys in the Reserve Account, or any part thereof, may, under appropriation by law, be withdrawn for the purposes determined by the board.

(5) There shall be paid into the fund to the credit of the Redemption Account―

out of railway and harbour revenue the sum of R5,029,678.80 during each financial year, in equal monthly instalments on the last working day of each calendar month; the interest earned on stock purchased in terms of subsection (7); out of railway and harbour revenue in each financial year a sum equal to four and one half per cent per annum calculated on the total amount of stock redeemed and withdrawn in terms of subsection (8), from the date of such redemption and withdrawal; but under appropriation by law, moneys from the Reserve Account as and when directed by the board.

(6) There shall be paid into the fund to the credit of the Reserve Account―

moneys appropriated by Parliament; interest earned on the investment of moneys in the Account.

(7) The Public Debt Commissioners shall apply the moneys in the Redemption Account to the purchase of any stock of the Republic which has been allocated to the Railway Administration in terms of section 2 of the Finance Act, 1934 (Act No. 64 of 1934), up to an amount not exceeding the amount of such allocation.

(8) Any stock purchased by the Public Debt Commissioners in terms of the provisions of subsection (7), shall be held by them until the date of maturity of such stock, and the proceeds shall thereupon be paid into the Consolidated Revenue Fund for credit of the Loan Account, and an amount equal to the amount of the redeemed stock shall be withdrawn from the accumulated capital allocated to the Railway Administration.

