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

Notices

National Bargaining Council for the Hairdressing, Cosmetology, Beauty and Skincare Industry

Extension to Non-parties of the Consolidated Main Collective Agreement

Annexures

Annexure I : Rules of Sick Pay Fund

12. Liquidation and dissolving of SPF

Purchase

12.1.

The SPF will continue ad infinitum until liquidated or dissolved by virtue of a resolution of the Board.

12.2.

In the event of the Board resolving to liquidate or dissolve the SPF, the funds retained in the SPF after settlement of any administration and liquidation expenses, shall be paid in equal shares to the Employer party/ies and Employee/s party/ies to the Bargaining Council.

12.3.

In the event of the. Bargaining Council being wound up or dissolved, the Board shall, on the date upon which the Bargaining Council is being wound up or dissolved, appoint 3 persons nominated by the Employer party/ies to the Bargaining Council and 3 persons appointed by the Employee party/ies to the Bargaining Council, as trustees of the SPF ("the trustees").

12.4.

The Trustees shall liquidate or dissolve the SPF in which event the funds of the SPF shall be paid in equal shares to the Employer party/s and Employee/s party/ies to the Bargaining Council.