Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 9.43

9.43. (1) Subject to subregulation (4), the trustee of an accumulation fund to
which this Division applies that is in a period of technical insolvency must
initiate winding-up proceedings in accordance with this Division if;

   (a)  the fund fails to comply with regulation 9.38 or 9.39 during a
        period of technical insolvency; or

   (b)  the fund is not solvent within the meaning of that term in
        subregulation 9.35 (2) on the date on which that period ends; and
        regulation 9.44 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 an accumulation 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 an accumulation fund in respect of which
the Commissioner formulates a scheme for the winding-up of the fund.