Common use of Dissolution of Fund Clause in Contracts

Dissolution of Fund. (a) In the event of the Council being dissolved during the currency of this part of the Agreement or any extension thereof, then, notwithstanding anything to the contrary contained in this part of the Agreement, contributions to the Fund shall cease as from the day following the date of coming into operation in the Gazette of the dissolution of the Council in terms of section 59 of the Act. The Fund shall be administered by a committee consisting of three representatives of the employers' organisation and three representatives of the trade union. In the event of such Committee being unable or unwilling to discharge its duties or a deadlock arising thereon which renders the administration of the Fund impracticable or undesirable in the opinion of the Registrar: Labour, he may appoint a trustee or trustees to carry out the duties of the Committee for such purpose until expiration of this part of the Agreement by effluxion of time or cessation for any other cause, upon which the Fund shall be liquidated mutatis mutandis as though the employees had left the Industry: Provided that the duties in connection with such liquidation shall be performed by such other body or persons as the Registrar: Labour may appoint. (b) In the event of the expiration of this part of the Agreement by effluxion of time or cessation for any other cause, the Fund shall continue to be administered by the Administrative Committee until it be either liquidated or transferred by the Council or Regional Chamber to another Fund in terms of subclause (11): Provided that if no new agreement providing for the continuation of the Fund is entered into within one year after the expiration of this part of the Agreement or the Fund not being transferred as aforesaid within such period, the Fund shall be liquidated by the Council or Regional Chamber in the manner set forth in paragraph (a) and in subclause (13).