By | November 20, 2017

Land Acquisition and Development Fund Vacancies

Establishment of the Land Acquisition and Development Fund

There is hereby established a Fund to be called the Land Acquisition and Development Fund.
Notwithstanding anything contained in any other law, there shall be paid into the Fund

(a) moneys appropriated by Parliament for the purposes of the Fund;
(b) moneys accruing to the Fund by virtue of any provision of this Act or any other law;
(c) moneys which become payable to the State by any person in connection with the lease of any land allotted in terms of this Act, or the cancellation of any such lease;
(d) interest on investments made from moneys of the Fund; and
(e) moneys which with the approval of the Minister and the Minister of inance, may accrue to the Fund from any other source, including donations and grants made for the benefit of the Fund.

Appropriation of the Fund
Any amount which becomes payable in terms of this Act to meet any liability of the State-

(a) arising from the exercise of any power or the performance of any function or duty conferred or imposed on the Minister by this Act in relation to the acquisition or development of agricultural land, or any right or interest in
such land, including the payment of compensation, interest, costs and other moneys incidental to the exercise or performance of any such power, function or duty; or

(b) for the payment of compensation in connection with any termination or cancellation of a lease in terms of this Act, shall be defrayed from the Fund.

Administration of the Fund

The Commission shall administer the Fund with the concurrence of  the Minister in accordance with an estimate of revenue and expenditure approved by the Minister and the Minister of Finance, in respect of every financial year of the Fund, which shall end on 31 March of each year.