Common use of Transfer of Fund Clause in Contracts

Transfer of Fund. Notwithstanding anything to the contrary herein contained, the Council or Regional Chamber may formally dissolve the Fund as constituted and transfer all funds, assets and liabilities of this Fund to another fund/s and/or society duly constituted for substantially the same purposes for which this Fund was created. In the event of such decision, all amounts standing to the personal credit of members of the Fund shall be transferred to their credit under the new fund or society and the benefits due to members, as at the date of such transfer, shall in no way be diminished by virtue of such transfer except where particularly provided for by agreement by the parties: (a) On the dissolution date, all contributions to the fund shall cease, and accrual of benefits shall terminate. (b) Notice of the dissolution of the Fund shall be provided to the Registrar of Labour, who shall gazette such notice and such further regulatory action as is required shall be complied with.

Transfer of Fund. Notwithstanding anything to the contrary herein contained, the Council or Regional Chamber may formally dissolve the Fund as constituted and transfer all funds, assets and liabilities of this Fund to another fund/s and/or society duly constituted for substantially the same purposes for which this Fund was created. In the event of such decision, all amounts standing to the personal credit of members of the Fund shall be transferred to their credit under the new fund or society and the benefits due to members, as at the date of such transfer, shall in no way be diminished by virtue of such transfer except where particularly provided for by agreement by the parties: (a) On the dissolution date, all contributions to the fund shall cease, and accrual of benefits shall terminate. (b) Notice of the dissolution of the Fund shall be provided to the Registrar of Labour, who shall gazette such notice and such further regulatory action as is required shall be complied with.