Section 16: National Training Fund

16. National Training Fund (1) The Council shall set up a National Training Fund— (a) into which all monies received from any source by the Council shall be paid; and (b) out of which— (i) all payments and grants required to be made by the Council shall be effected; and (ii) shall be paid into the Consolidated Fund established under section 103 of the Constitution, such surplus money not required for the purpose of subparagraph (i) as the Council may determine. (2) There shall be paid into the Fund— (a) all monies appropriated by the National Assembly for the realisation of the objects of the Council; (b) all monies collected by way of training levy; (c) duties or fees levied by the Council; (d) grants and donations; (e) contributions or royalties received by the Council; (f) interest on investments; and (g) any monies lawfully accruing to the Fund. [S. 16 amended by s. 17 of Act 15 of 2006 w.e.f. 7 August 2006.]