Western Australian Consolidated Regulations

COAL INDUSTRY SUPERANNUATION REGULATIONS 1990 - REG 34

34 .         Release of employers

        (1)         The Board may release a body that is an employer under the Act and the members in service with it from participation in the Fund and — 

            (a)         that body shall cease to be an employer; and

            (b)         those members shall cease to be members,

                on the date on which Schedule 1 to the Act is amended to delete that employer and upon terms and conditions determined by the Board.

        (2)         Where a body and the members in service with it are released from participation in the Fund under subregulation (1) the interest in the Fund of that body and those members shall be — 

            (a)         ascertained by the Board on the advice of the actuary; and

            (b)         dealt with in such manner as the Board and that body consider equitable taking into account the membership of and the amounts contributed by and in respect of each of those members and any other circumstances which the Board and that body consider relevant,

                but no benefit shall be paid to any member who is in service unless that payment is permitted by the SIS Act  ² .

        [Regulation 34 amended in Gazette 14 May 1996 p. 2035.]