(2) The Board must submit to the Minister for approval in each financial year, at the time determined by the Minister, a statement of the estimated income and expenditure of the Board relating to the next financial year. (3) Expenditure incurred for the activities of the Board is defrayed from the funds of the Board. (4) Any money of the Board that is not immediately required for expenditure by the Board may be invested in a manner and in an institution determined by the Board with the approval of the Minister and the Minister responsible for finance. Accountability, financial year, audit and annual report 22. (1) The Chief Executive Officer is the accounting officer of the Board and is responsible for - (a) all income and expenditure of the Board; and (b) all assets and the discharging of all liabilities of the Board. (2) The financial year of the Board ends on 31 March each year. (3) The Board must cause such records of account to be kept in accordance with generally accepted accounting practices, principles and procedures as are necessary to represent fairly the state of affairs of funds of the Board and to explain the transactions and financial position of the Board. (4) Not later than three months after the end of each financial year, the Chief Executive Officer 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 Board during that financial year; and (b) a balance sheet showing the state of the assets, liabilities and financial position of the Board as at the end of that financial year. (5) The accounting records and the financial statements of the Board are audited annually by the Auditor-General. (6) The Board must submit to the Minister an annual report of the activities of the Board within six months after the end of each financial year, or such longer period as the Minister may determine, which report is accompanied by - (a) the audited financial statements of the Board referred to in subsection (5) for that financial year; (b) the auditor’s report relating to those financial statements; and (c) the financial statements and report referred to in section 43(3). (7) The Minister must table in the National Assembly the annual report and financial statements submitted to the Minister in terms of subsection (6) within 30 days from the date of
(ii) not increased by the opportunity to participate in that promotional competition; or (iii) the only consideration payable for those goods or services and includes consideration for the right to compete; (c) the opportunity of participating in the promotional competition is not the only or the only substantial inducement to a person to purchase or use the goods or services to which the promotional competition relates; (d) the promotional competition is conducted in accordance with the regulations prescribed by the Minister in terms of subsection (3); (e) the promotional competition or any conduct under it is not substantially comparable to - (i) a business practice which is prohibited in terms of the Trade Practices Act, 1976 (Act No. 76 of 1976); or (ii) a restrictive practice which is prohibited in terms of the Competition Act, 2003 (Act No. 2 of 2003); (f) the Minister has not in terms of subsection (5) declared the promotional competition unlawful; (g) the goods or services manufactured, sold, supplied, distributed or delivered in connection with the right to participate in a promotional competition are usually or ordinarily manufactured, sold, supplied, distributed or delivered by the person for whose benefit the promotional competition is held; (h) where the promotional competition is held in association or jointly with or in support of another promotional competition or in respect of or for the benefit of more than one person, the maximum values or limits prescribed by the Minister in respect of the total value or number of prizes, the frequency, duration or number of promotional competitions or the geographical area in which promotional competitions may be held are not exceeded; and (i) the promotional competition is not substantially similar to any competition game or sports pool conducted by or on behalf of the State Lottery. (3) The Minister, after consultation with the Board, with due regard to the effect of promotional competitions on the State Lottery, lotteries incidental to an exempt entertainment and benevolent lotteries, must make regulations relating to - (a) promotional competitions in general; (b) a particular category of promotional competitions; (c) a particular category of persons conducting or in any way associated with a promotional competition; or (d) the category of persons who may participate in a promotional competition or a category of promotional competitions.