Labour Relations Act, 1995 (Act No. 66 of 1995)

Notices

Bargaining Council for the Furniture Manufacturing Industry

KwaZulu Natal

Extension to Non-Parties of the Provident Fund and Mortality Benefit Association Collective Agreement

Chapter lll

23. Dissolution of Association

Purchase

Upon the liquidation of the Association the Management Committee, the liquidator or the trustees, as the case may be, shall forthwith proceed to convert all the investments and assets of the Mortality Benefit Association into cash funds and invest such cash on call within 30 days', pay all creditors, administration and liquidation expenses from the funds of the Mortality Benefit Association.

(a)

Notwithstanding anything to the contrary contained in this Chapter, should any monies thereafter remain to the credit of the Mortality Benefit Association upon liquidation in accordance with sub-clause 23(1), such monies shall be paid into the general funds of the Council : Provided, however, that the Council shall, in the event of a claim being received within a period of three years from the date upon which the relevant benefits become due, as specified in clause 19(6) hereof, be entitled in its absolute discretion to make payments to the beneficiaries concerned out of the monies which have been forfeited to the funds of the Council.

(b)

If the affairs of the Council have already been wound up and the balance of the Council's funds distributed, monies forfeited in terms of sub-clause 23(2)(a) hereof shall, in the event of the Mortality Benefit Association already having been liquidated, be distributed as provided for in terms of the Council's Constitution, as if they formed part of the general funds of the Council.