Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.7 - Winding-up of accumulation funds  

REGULATION 9.43   WINDING-UP OF ACCUMULATION FUNDS  

9.43(1)   [ Trustee to initiate winding-up proceedings ]  

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.

9.43(2)   [ Operation of Division ]  

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

9.43(3)   [ Proceedings initiated under other conditions ]  

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.

9.43(4)   [ Winding-up schemes by the Regulator ]  

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.