| (1) | If a person carries on the business of a pension fund which is not registered under this Act, the registrar may apply to the court for the sequestration or liquidation of that person and the unregistered fund, whether or not the person or fund is solvent, in accordance with— |
| (a) | the Insolvency Act, 1936 (Act No. 24 of 1936); |
| (c) | the Close Corporations Act, 1984 (Act No. 68 of 1984); or |
| (d) | the law under which that person is incorporated. |
(2) In deciding an application contemplated in subsection (1), the court—
| (a) | may take into account whether the sequestration or liquidation of the person or fund concerned is reasonably necessary— |
| (i) | in order to protect the interests of the members concerned; and |
| (ii) | for the integrity and stability of the financial sector; |
| (b) | may make an order concerning the manner in which claims may be proved by the members; |
| (c) | shall appoint as trustee or liquidator a person nominated, and with the powers proposed, by the registrar. |
[Section 29A inserted by section 40 of Act No. 45 of 2013]
