Labour Relations Act, 1995 (Act No. 66 of 1995)NoticesBargaining Council for the Furniture Manufacturing IndustryExtension to Non-Parties of the Main Collective AgreementChapter 2: Council Benefit Funds6. Operation of the Council Benefit Funds/Schemes |
| 6.1 | The Funds/Schemes shall consist of— |
| 6.1.1 | all the Fund/Schemes contributions; |
| 6.1.2 | all interest derived from the investment of any monies or assets of the various Funds and Schemes; and |
| 6.1.3 | all other monies to which the Funds/Schemes may become entitled. |
| 6.2 | All monies accruing to the Funds/Schemes shall be deposited to the credit of the particular Funds/Schemes in a separate account with a registered bank within three working days after receipt thereof. |
| 6.3 | The monies of the Funds/Schemes shall be used for payment of benefits, administration costs and expenditures in accordance with the rules of the various Funds/Schemes. |
| 6.4 | When benefits or loans granted become payable, the amount due from the Funds/Schemes shall be paid to beneficiaries or successful applicants by means of electronic transfer to the employee's bank account or any other legal payment method in favour of the employee. |
| 6.5 | All payments from the Funds/Schemes shall be approved by three persons duly authorised by the Council or the Board of Trustees. |
| 6.6 | Any monies not required to meet current payment of benefits, administration costs and expenditures shall be invested only in terms of section 53(5) of the Act. |