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| South Africa NATIONAL LEGISLATION OVERVIEWS  |
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Finance
Act, No. 102 of 1976
Long title
To provide for the disposal of certain surplus State revenues; for the defraying of unauthorized expenditure from the State Revenue Fund; for guarantees by the Minister of Finance in respect of certain losses which may be sustained by the South African Reserve Bank consequent upon loans raised by a subsidiary company of the Armaments Development and Production Corporation of South Africa, Limited; for guarantees by the Minister of Economic Affairs in respect of certain loans and export credit granted to the South African Coal, Oil and Gas Corporation Limited, Sasol (Transvaal) Limited and SOF (Proprietary) Limited; for the realization of the assets of the South African National Memorial Fund and payment thereof into the State Revenue Account; for the write-off of a certain loan to the National Film Board; for the conversion of a certain loan liability of the Industrial Development Corporation of South Africa, Limited, into share capital; for the transfer of certain assets and rights of the Administration of the Province of the Cape of Good Hope to the South African Bantu Trust; for the validation of the payment of certain amounts from the Loan Account to the South African Bantu Trust; for the ex gratia payment of a certain amount in respect of the development and planning of certain land adjacent to Church Square, Pretoria; for the payment of certain moneys to the International Monetary Fund and the International Bank for Reconstruction and Development; for the transferability and redemption of certain 4 per cent Inscribed Stock (pensions Stock); to authorize the Minister-of Finance to issue special warrants for the purpose of taking up shares issued by the Board of Directors of the South African Iron and Steel Industrial Corporation, Limited, and to make advances to the said Board; for the exemption from tax of housing benefits received by public servants, employees of local authorities and employees of certain State-aided institutions; to amend the Industrial Development Act, 1940, to provide for the payment of shares in the Industrial Development Corporation from moneys made available by the Minister of Economic Affairs in terms of section 3 of the Finance Act, 1975; to amend the South African Mint and Coinage Act, 1964, to provide for the introduction of a nickel Rand coin; to amend the State Tender Board Act, 1968, in order to extend the powers of the State Tender Board; to amend the National Roads Act, 1971, to provide for the payment of an increased amount of customs or excise duty on certain petroleum products, into the National Road Fund; to amend the Defence Special Account Act, 1974, so as to provide that the Special Defence Account be credited with certain moneys; to amend the Exchequer and Audit Act, 1975, so as to provide that only amounts which were actually utilized under certain circumstances, be appropriated; to amend the Finance Act, 1975, so as to provide that the Strategic Oil Fund be transferred to the SOF (Proprietary) Limited; to provide for the defrayment of the revenue deficit in the Railway and Harbour Fund; to amend the Railways and Harbours Appropriation Act, 1976, so as to provide that the Minister of Transport may utilize savings; and to provide for incidental matters.
Table of contents
| SECTION | TITLE |
| PART I MATTERS AFFECTING THE STATE REVENUE FUND | |
| 1. | Disposal of certain surplus State revenues |
| 2. | Defraying of unauthorized expenditure from the State Revenue Fund |
| 3. | Guarantees by Minister of Finance 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 |
| 4. | 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 |
| 5. | Realization of assets of the South African National Memorial Fund and payment of the moneys into the State Revenue Account |
| 6. | Write-off of loan to National Film Board |
| 7. | Conversion of loan liability of Industrial Development Corporation of South Africa, Limited, into share capital |
| 8. | Transfer of certain assets and rights of administration of province of Cape of Good Hope to South African Bantu Trust |
| 9. | Validation of payments from the Loan Account to South African Bantu Trust |
| 10. | Ex gratia payment in respect of development and planning of certain land adjacent to Church Square, Pretoria |
| 11. | Payment of moneys to the International Monetary Fund and the International Bank for Reconstruction and Development |
| 12. | Transferability and redemption of 4 per cent Inscribed Stock (Pensions Stock) |
| 13. | Special power to Minister of Finance for taking up "B"
shares in the South African Iron and Steel Industrial Corporation,
Limited |
| 14. | Tax exemption in respect of certain housing benefits |
| 15. | Amendment of section 12 of Act 22 of 1940... |
| 16. | Amendment of the First Schedule to Act 78 of 1964... |
| 17. | Amendment of section 4 of Act 86 of 1968... |
| 18. | Amendment of section 13 of Act 86 of 1968... |
| 19. | Substitution of long title of Act 86 of 1968... |
| 20. | Amendment of section 2 of Act 54 of 1971... |
| 21. | Substitution of section 1 of Act 6 of 1974 |
| 22. | Amendment of sectoni 2 of Act 6 of 1974 |
| 23. | Amendment of section 7 of Act 66 of 1975 |
| 24. | Amendment of section 21 of Act 66 of 1975 |
| 25. | Amendment of section 52 of Act 66 of 1975 |
| 26. | Amendment of section 3 of Act 72 of 19775 |
| PART II. MATTERS AFFECTING THE RAILWAY AND HARBOUR FUND | |
| 27. | Defrayment of revenue deficit of Railway and Harbour Fund |
| 28. | Insertion of section 2A in Act 49 of 1976 |
| 29. | Short title |
| Sch. | SCHEDULE [s2] |
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