Government Gazette
REPUBLIC OF SOUTH AFRICA

Vol. 453

Cape Town

31

March

2003

No. 24684

THE PRESIDENCY No. 469 31 March 2003 It is hereby notified that the President has assented to the following Act, which is hereby published for general information:– No. 4 of 2003: Gold and Foreign Exchange Contingency Reserve Account Defrayal Act, 2003.

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KO.24684

GOVERNMENT GAZETTE. 3 I MARCH 2003 GOLD AND FOREIGN EXCHANGLCONTINGENCY RESERVE ACCOUNT DEFRAYAL ACT. 2003

Act No. 4,2003

(English text signed by the President.) (Assented to 28 March 2003.)

ACT
To provide the for defrayal of a loss on the Gold and Foreign Exchange Contingency Reserve Account.

B

E IT ENACTED by the Parliament of the Republic of South Africa. as fol~0ws:-

Defrayal of a on the Gold and ForeignExchange Contingency Reserve Account loss 1. Despite anything to the contrary contained in any law, payments to defray a losson the Goldand Foreign ExchangeContingencyReserveAccount are a directcharge against the National Revenue Fund. Payments 2. The payments to be made in terms of the mechanism contemplated in section 1, in -_ respect of the 2002/03, 2003/04,2004/05 and 2005106 financial years, are: ( a ) an amount of R7 000 million (seven thousand million rand) for the 2002/03 10 financial year: and ( ) an amount not exceeding R31 024 million (twenty one thousand and twenty 6 four million rand)for the 2003/04, 2004l05 and 2005/06 financial years. subject to an agreement between the National Treasury and the South African Reserve Bank on the outstanding amount to be settled and the exact figure to 15 be paid in each of those financial years. Short title
3. This Act shall be called the Gold Account Defrayal Act. 2003.
and Foreign Exchange Contingency Reserve

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