Common use of ADMINISTRATION AND INTERPRETATION OF AGREEMENT Clause in Contracts

ADMINISTRATION AND INTERPRETATION OF AGREEMENT. (1) The Council shall be the body responsible for the administration of this Collective Agreement and may give expressions of opinion not inconsistent with its provisions for the guidance of employers and employees. (2) Notwithstanding anything to the contrary in this Part of the Agreement, the Council or Regional Chamber may formally dissolve any funds established or constituted by the Council for the benefit of the employees of the Region, subject to the following: (a) Such dissolution may take the form of a transfer, merger, amalgamation or split; (b) On the dissolution date, all contributions to the fund shall cease, and accrual of benefits shall terminate; (c) On the dissolution date, all the cash, assets and liabilities, members and unclaimed benefits, rights, and benefit obligations in terms of that clause / those clauses of the agreement / and Rules that govern that fund are transferred to another fund/s and / or society duly constituted for substantially the same purpose or to give the same effect as the fund being dissolved; (d) In the event of such decision, all amounts standing to the effect to the personal credit of stakeholders of the fund being dissolved shall be transferred to their credit under the new fund/s and / or society, and the benefits due to such stakeholders shall not be changed in any way by virtue of such transfer, except where specifically provided for by agreement by the parties; (e) Notice of the dissolution of the Fund shall be provided to the Registrar: Labour, who shall gazette such notice, and such further regulatory action as is required shall be complied with; and (f) Any requirements of a fiscal nature shall be fulfilled.