Acts Online
GT Shield

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

Notices

National Bargaining Council for the Clothing Manufacturing Industry

Consolidated Provident Fund Collective Agreement for the KwaZulu-Natal Region

13. Dissolution of the Fund

 

 

(1)

(a) In the event of the expiry of this Agreement or any extension thereof and a subsequent Agreement for the continuation of the Fund not being negotiated within a period of 2 (two) years of the date of such expiry, or the Fund not being transferred by the Council within such period to any other fund constituted for the same purpose as that for which the original Fund was created, the Management Committee shall appoint an independent liquidator who shall liquidate the Fund as though the contributors had left the industry.
(b) The Fund shall during the said period of 2 (two) years or until such time as it is transferred to any other Fund referred to above, be administered by the Management Committee.
(c) In the event of the Fund being liquidated as provided above, a list of the names of those members whose whereabouts cannot be traced shall be published by the liquidator in three newspapers circulating in the area of the jurisdiction of the KwaZulu-Natal Chamber of the National Bargaining Council for the Clothing Manufacturing Industry.
(d) In the event of no claim being made by a person or persons whose names appear in the list published within 6 (six) months of such publication, the movies due to them shall be forfeited to the Fund.

 

(2) In the event of the dissolution of the Council or in the event of its ceasing to function during any period in which this Agreement is binding in terms of section 32 (2) of the Act, the Fund shall continue to be administered by the Management committee in office at the time. Any vacancy occurring on the Committee may be filled by the Registrar of Labour Relations from employers or employees, as the case may be, so as to ensure an equality of employer and employee representatives on the Committee. In the event of such Committee being unable or unwilling to discharge its duties or a deadlock arising thereon which renders the administration of the Fund impracticable or undesirable in the opinion of the Registrar of Labour Relations, he may appoint a trustee or trustees to carry out the duties of the Committee and such trustees shall possess ail powers of the Committee for such purpose.

 

In the event of there being no Council in existence, the Committee functioning in terms of this subclause, or the trustee or trustees, as the case may be, shall upon the expiry of this Agreement appoint a liquidator who shall liquidate the Fund in accordance with the manner set forth in subclause (3) below, and, if upon the expiry of this Agreement, the affairs of the Council have already been wound up and its assets distributed, the balance of the Fund shall be distributed by the liquidator to the parties in equal shares.

 

(3) Upon liquidation of the Fund in terms of subclause (1) of this clause the monies remaining to the credit of the Fund after the payment of all claims against the Fund, including administration and liquidation expenses, shall be paid into the general funds of the Council.