Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 9.23

9.23. (1) Subject to subregulation (4), the trustee of a defined benefit fund
that is technically insolvent must initiate winding-up proceedings in
accordance with this Division if:

   (a)  the fund fails to comply with regulations 9.17, 9.18 or 9.19 during
        the period of technical insolvency; or

   (b)  the actuary is unable to certify the solvency of the fund at the end
        of that period; and regulation 9.24 does not apply.

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

(3) Subject to subregulation (4), if a trustee of a defined benefit 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.

(4) This regulation does not apply to a defined benefit fund in respect of
which the Commissioner formulates a scheme for the winding-up of the fund.