KNITTING INDUSTRY PROVIDENT FUND (NORTHERN AREAS Sample Clauses

KNITTING INDUSTRY PROVIDENT FUND (NORTHERN AREAS. (1) The Knitting Industry Provident Fund (Northern Areas), (hereinafter referred to as the "Fund"), originally established on 4 June 1971 in terms of Government Notice No. R. 911 for the purpose of providing benefits to members on leaving the Industry as provided for in this clause, is hereby dissolved with effect from 1 April 2008. (a) The assets and the liabilities of the Fund on that date will be transferred to the Provident Fund for the Clothing Industry (Northern Areas), to be renamed the Provident Fund for the Clothing Industry (Northern Chamber) on 1 April 2008, (hereinafter referred to as the “Northern Chamber Fund”) and to the Fashion Industry Protection Fund, provided that the split between the Northern Chamber Fund and the Fashion Industry Protection Fund shall be as recommended by an Actuary appointed for this purpose, and agreed to by the Administrative Committee, in consultation with their advisor; (b) If the actual transfer of assets and liabilities takes place on a date other than 1 April 2008, the liabilities shall be increased by interest as recommended by the actuary and approved by the Administrative Committee, and the full value of assets as at 1 April 2008, with further investment returns to the date of transfer, less any expenses, shall be transferred; (c) The administration and management of, and contributions and benefits paid by the Northern Chamber Fund will be governed by the collective agreement to be gazetted and an agreed set of Rules for the Northern Chamber Fund, the Rules ultimately being registered with the Registrar of Pension Funds in terms of the Pension Funds Act; (d) For each member of the Fund, the balance held in that member’s account in the Fund on 1 April 2008 will be transferred to an account established for that member in the Northern Chamber Fund; (e) The mechanism used for the dissolution of the Fund is the Transfer of Fund provision contained in sub-clause 22(11) in this Part E of the Main Agreement. The transfer of assets and liabilities between the Fund and the Fashion Industry Protection Fund is a once-off transfer; (f) 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 (g) Any requirements of a fiscal nature shall be fulfilled.
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