Labour Relations Act, 1995 (Act No. 66 of 1995)NoticesNational Bargaining Council for the Road Freight and Logistics Industry (NBCRFLI)Main Collective AgreementPart 4 : Benefit Funds27. Winding-up of benefit funds |
| (1) | A benefit fund must be wound up if— |
| (a) | this Agreement, or of any extension or renewal of this Agreement, expires by efflux of time or any other cause; and |
| (b) | within a 12 month period from the date of such expiry— |
| (i) | a subsequent Agreement of the Council providing for the continuation of that benefit fund has not been negotiated; or |
| (ii) | the benefit fund is not transferred by the Council to any other fund established for the same purpose as that benefit fund. |
| (2) | A benefit fund must be administered by the Council— |
| (a) | in the 12 month period referred to in subclause (1)(b); or |
| (b) | in the relevant lesser period if a subsequent Agreement is entered into or the fund is transferred to another fund as envisaged by subclause (1)(b). |
| (3) | If there is no Council in existence upon the expiry of this Agreement, the benefit fund must be wound-up immediately. |
| (4) | Upon winding-up of a benefit fund, the money remaining to the credit of that fund must— |
| (a) | first be used to pay all claims against the fund, including administration and winding-up expenses; |
| (b) | if the Council is still in existence, the remainder of the money must be paid into the general funds of the Council; |
| (c) | if the Council is no longer in existence, and the affairs of the Council have already been wound up and its assets distributed, any money remaining to the credit of the fund must be distributed in terms of section 59(5) of the Act as if they formed part of the general funds of the Council. |