| (1) | Notwithstanding the provisions of the Companies Act or any other law under which a pension fund or an administrator is incorporated, Chapter 6 of the Companies Act shall, subject to this section and with the necessary changes, apply in relation to the business rescue of a pension fund or an administrator, whether or not it is a company. |
| (2) | The registrar may make an application under section 131 of the Companies Act in respect of a pension fund or an administrator if the registrar is satisfied, whether in accordance with section 26 of this Act or otherwise, that it is in the interests of the members of the pension fund concerned or the members for whose benefit the administrator concerned is administering the pension fund, to do so. |
(3) The following acts are subject to the approval of the Registrar;
| (a) | The resolution of a pension fund or administrator to begin business rescue proceedings; |
| (b) | the appointment of a business rescue practitioner; |
| (c) | the adoption of a business rescue plan; and |
| (d) | the exercise of a power by the business rescue practitioner under the Companies Act. |
(4) In the application of Chapter 6 of the Companies Act—
| (a) | a reference to the Commission shall be construed as a reference also to the registrar; |
| (b) | the reference to creditors shall be construed as a reference also to the members of the pension fund concerned or the members for whose benefit the administrator concerned is administering the pension fund; and |
| (c) | in addition to any question relating to the business of a pension fund or an administrator, there shall be considered also the question whether any proposed action is in the interests of the members of the pension fund concerned or the members for whose benefit the administrator concerned is administering the pension fund. |
| (5) | If an application to a court for an order relating to the business rescue of a pension fund or an administrator is made by an affected person other than the registrar— |
| (a) | it shall not be head unless copies of the notice of motion and of all accompanying affidavits and other documents filed in support of the application have been lodged with the registrar before the application is set down for hearing; and |
| (b) | the registrar may, if satisfied that the application is not in the interests of the members of the pension fund concerned or the members on whose behalf the administrator concerned is administering the pension fund, join in the application as a party and file affidavits and other documents in opposition to the application. |
| (6) | As from the date upon which a business rescue practitioner is appointed, the business rescue practitioner of a pension fund or an administrator shall not provide new benefits, unless the practitioner has been granted permission to do so by a court. |
[Section 18A inserted by section 32 of Act No. 45 of 2013]
