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State Oil Fund Amendment Act, 1984 (No. 73 of 1984)
GENERAL EXPLANATORY NOTE:
[ ] Words in bold type in square brackets indicate omissions from existing enactments.
__ Words underlined with solid line indicate insertions in existing enactments.
Act
- to amend the State Oil Fund Act, 1977, so as
- to make other provision in respect of the amount to be paid into the State Oil Fund as a charge to the State Revenue Fund;
- to further regulate the utilization and disposal of moneys in the State Oil Fund;
- to make further provision for moneys to be paid into the Equalization Fund and for the investment of those moneys; and
- to replace a certain designation; and
- to provide for matters connected therewith.
(English text signed by the State President.)
(Assented to19 June 1984.)
BE IT ENACTED by the State President and the House of Assembly of the Republic of South Africa, as follows:-
Amendment of section 1 of Act 38 of 1977, as amended by section 1 Act 74 of 1979.
1. Section 1 of the State Oil Fund Act, 1977 (hereinafter referred to as the principal Act), is hereby amended-
(a) by the substitution for paragraph (a) of subsection (1) of the following paragraph:
"(a) as a charge to the State Revenue Fund [-
(i) an amount of 7,4 cents of the customs or excise duty on a kilogram of liquefied petroleum gas paid into the State Revenue Fund;
(ii)] an amount of 4 cents of the customs or excise duty on a litre of petrol, [aviation spirit, kerosene,] distillate fuel or residual fuel oil paid into the State Revenue Fund, in respect of which no rebate or refund is applicable [; and
(iii) an amount of 1 cent of the customs or excise duty on a litre of kerosene, distillate fuel or residual fuel oil paid into the State Revenue Fund, in respect of which a partial rebate or refund is applicable and which, after application of the rebate or refund, is not less that 1 cent];";
(b) by the deletion of the word "and" at the end of subparagraph (i) of paragraph (a) of subsection (2);
(c) by the insertion after the said subparagraph (i) of the following subparagraph:
"(iA) the acquisition, generation,. manufacture, marketing or distribution of any other form of energy, and research connected therewith;"; and
(d) by the substitution for paragraph (b) of subsection (2) of the following paragraph:
"(b) any such moneys which in the opinion of the Minister of Mineral and Energy Affairs-
(i) are not immediately required for a purpose mention ed in paragraph (a), shall be invested [with the Public Debt Commissioners or] in such other] manner as the said Minister [in consultation] with the concurrence of the Minister of Finance may determine;
(ii) are not required for any such purpose, shall be paid into the State Revenue Fund.".
Amendment of section 1A of Act 38 of 1977, as inserted by section 1 of Act 30 of 1979 and amended by section 2 Act 74 of 1979 and section 1 Act 68 of 1980.
2. Section 1A of the principal Act is hereby amended-.
(a) by the deletion of the word ''arid" at the end of paragraph (a) of subsection (3A);
(b) by the addition to subsection (3A) of the following paragraph:
"(c) with the concurrence of the Minister of Mineral and Energy Affairs and the Minister of Industries, Commerce and Tourism, the moneys obtained by the SFF Association from the sale of products determined by the Minister of Mineral and' Energy Affairs."; and
(c) by the substitution for paragraph (b) of subsection (4)of the following paragraph:
"(b) that are not immediately required fora purpose referred to in paragraph (a), shall be invested [with the Public Debt Commissioners or] in such [other] manner as the Minister of [Economic Affairs] Mineral and Energy Affairs [may in consultation] with the concurrence of the Minister of Finance may determine.".
Amendment of section 1B of Act 38 of 1977, as inserted by section 1 of Act 30 of 1979.
3. Section 1B of the principal Act is hereby amended by the substitution for paragraph (b) of the following paragraph:
"(b) without lawful reason refuses or fails to comply with any reasonable demand for information made by a per son who is responsible in terms of a notice under section 1A for the collection of any lery, or by an officer in the service of the SFF Association or of the Department of Industries and Commerce or of the Department of Mineral and Energy Affairs;".
Substitution of certain expression.
4. The principal Act is hereby amended by the substitution for the expression "Economic Affairs", wherever it occurs, of the expression "Mineral and Energy Affairs".
Short title and commencement.
5. This Act shall be called the State Oil Fund Amendment Act, 1984, and shall be deemed to have come into operation on 1 April 1984.
