Indigenisation and Economic Empowerment Act updated as at 8th May 2015 (a) references to the “Trust” in the Trust Deed are substituted in the Second Schedule by references to the Unit Trust Account of the Fund; (b) references to the “Trustees” in the Trust Deed are substituted by references to the Board in the Second Schedule: (c) references to the “managers” in the Trust Deed shall be construed as references to the managers of individual unit portfolios within the Unit Trust Account of the Fund, except insofar as the functions of any manager are assumed and exercised by the chief executive officer on behalf of the Board. (3) Subject to paragraph 55 of the Second Schedule, the Minister may, on the recommendation of or after consultation with the Board, amend the Second Schedule by notice in a statutory instrument: Provided that no such amendment shall impose upon any unit holder any obligation to make any further payment in respect of his unit or to accept any liability in respect thereof. 14 Composition of Fund The Fund shall consist of— (a) any moneys that may be payable to the Fund from moneys appropriated for the purpose by Act of Parliament; and (b) any moneys that the Fund may obtain, with the approval of the Minister and the Minister responsible for finance, by way of donations, loans or other financial assistance; and (c) levies, together with any interest or surcharge payable thereon, paid in terms of Part V; and (d) any moneys that may vest in or accrue to the Fund, whether in terms of this Act or otherwise. 15 Administration of Fund (1) Subject to this Act, the Fund shall be administered by the Board through the chief executive officer acting on behalf of and in accordance with any instructions of the Board. (2) With the approval of the Minister, the Board shall open one or more banking accounts into which all moneys received on behalf of the Fund shall be paid. (3) Further provisions governing the administration of the Fund are set out in the Third Schedule. 16 National Indigenisation and Economic Empowerment Charter It shall be a condition of any financial assistance provided through the Fund that the beneficiary shall comply to the best of his or her ability with the framework for ethical and good business conduct contained in the National Indigenisation and Economic Empowerment Charter set out in the Fourth Schedule. - 14 -