Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 9.38

9.38. (1) The trustee of an accumulation fund that is technically insolvent
must either:

   (a)  initiate a program in accordance with this Division that is designed
        by an actuary to ensure that the fund is in a solvent position not
        later than at the end of the fifth year of income following the year
        of income in which the fund became technically insolvent; or

   (b)  initiate winding-up proceedings.

(2) The trustee of an accumulation fund to which subregulation (1) does not
apply may elect to have the fund comply with a program comparable with a
program referred to in paragraph (1) (a), except that the program is designed
to ensure that the fund is in a solvent position not later than at the end of
the fifth year of income following the year of income in which the trustee
made the election.