Public Finance Management Act [Chapter 22:19] as amended as at 28 October 2016 have effect at the close of the financial year to which that Appropriation Act relates and, save as is otherwise provided in this Act, the unexpended balance of any money withdrawn from the Consolidated Revenue Fund shall be re-deposited in the Consolidated Revenue Fund: Provided that where any amount appropriated by any provision of an Appropriation Act is specified in the Estimates of Expenditure to which such appropriation relates as being required for a grant, then, unless the Treasury otherwise directs, the provisions of this subsection shall not apply in respect of that amount or in respect of the effect of that provision. 18 Establishment of other public funds (1) Whenever— (a) money is appropriated by Act of Parliament for the establishment of a fund for a particular purpose; or (b) in the opinion of the Minister, it is necessary or desirable for the purpose of facilitating the accounting for public resources that a separate fund be established; the Treasury shall establish a fund for that purpose. (2) On the establishment of a fund in terms of subsection (1), the Treasury shall draw up a constitution for the regulation of the affairs of that fund, which constitution— (a) shall specify the objects of the fund and the money which shall be payable into that fund; and (b) shall provide for the payments which may be made out of that fund; and (c) may provide for such other matters as are considered to be necessary or desirable. (3) A constitution drawn up in terms of subsection (2) may be amended from time to time or replaced as the Treasury thinks fit. (4) Where a constitution has been drawn up in terms of subsection (2) or amended or replaced in terms of subsection (3) the Minister shall lay a copy of that constitution or the amendment to or replacement of that constitution, as the case may be, before the National Assembly on one of the ten days on which the National Assembly sits next after that constitution was drawn up or after that amendment or replacement of the constitution was drawn up, as the case may be. (5) Where a fund has been established before the date of commencement of this Act, and is operating on that date in accordance with a constitution drawn up by or with the approval of the Treasury— (a) that fund shall be deemed to have been established in terms of subsection (1); and (b) that constitution shall be deemed to be a constitution drawn up in terms of subsection (2) but it shall not be necessary to lay a copy thereof before the National Assembly in terms of subsection (4); and (c) if that constitution purported to confer on the fund powers which may only be exercised by a corporate body and the Minister has, by notice in the Gazette, declared that the fund concerned shall be a corporate body— (i) that fund shall be regarded as a body corporate with such powers as may be conferred upon it by or in terms of its constitution, and shall be deemed to have become a body corporate with effect from the date on which the fund was established; and - 18 -