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

Notices

Bargaining Council for the Furniture Manufacturing Industry

Extension to Non-Parties of the Main Collective Agreement

Chapter 2: Council Benefit Funds

9. Liquidation of the Council Benefit Funds/Schemes

 

9.1 Upon the expiry of this Agreement or any extension thereof and, in the event of no subsequent agreement being negotiated for the purpose of continuing the operations of the Funds/Schemes within two years from the expiry of this Agreement or any extension thereof, the Funds/Schemes shall be liquidated and distributed in terms of the rules of the various Funds/Schemes, the provisions of the council's Constitution, the council's last collective agreements and any applicable legislation at the time.

 

9.2 In the event of the Council in office at the time being unable to administer and/or liquidate any of the Funds/Schemes in terms of this clause, and/or being unable or unwilling to discharge its duties, or a deadlock arising thereon which renders the administration of the Funds/Schemes impracticable or undesirable in the opinion of the Registrar of Labour Relations or the Financial Services Board as the case may be, the latter may appoint a trustee or trustees to carry out the duties of the Council or the Board of Trustees and such trustee or trustees shall possess all the powers of the Council or the Board of Trustees for such purposes.

 

9.3 In the event of the dissolution of the Council or the Board of Trustees or in the event of them ceasing to function during any period in which this Agreement is binding in terms of the Act, the Funds/Schemes shall continue to be administered by the office of the Council at the time.

 

9.4 Subject to the provisions of clauses 9.1 and 9.2 hereof, upon the expiry of the Agreement, the Funds/Schemes shall be liquidated in terms of clause 8 and/or 9 of this Chapter by the Council or Board of Trustees in office at the time or the trustee or trustees appointed by the Registrar of Labour Relations or the Financial Services Conduct Authority as the case may be.