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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.43 Winding - up of accumulation funds

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.43

Winding - up of accumulation funds

  (1)   Subject to subregulation   (4), the trustee of an accumulation fund to which this Division applies that is in a period of technical insolvency must initiate winding - up proceedings in accordance with this Division if;

  (a)   the fund fails to comply with regulation   9.38 or 9.39 during a period of technical insolvency; or

  (b)   the fund is not solvent within the meaning of that term in subregulation   9.35(2) on the date on which that period ends;

and regulation   9.44 does not apply.

  (2)   Winding - up proceedings initiated under subregulation   (1) must be carried out in accordance with this Division.

  (3)   Subject to subregulation   (4), if a trustee of an accumulation fund to which this Division applies initiates winding - up proceedings in relation to the fund otherwise than under subregulation   (1), the winding - up proceedings must be carried out in accordance with this Division.

  (4)   This regulation does not apply to an accumulation fund in respect of which the Regulator formulates a scheme for the winding - up of the fund.

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