Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.7 - Winding-up of accumulation funds  

REGULATION 9.44   ALTERNATIVE PROGRAMS APPROVED BY THE REGULATOR FOR ACCUMULATION FUNDS  

9.44(1)   [Actuary's recommendations]  

If, as an alternative to commencing winding-up proceedings, the fund ' s actuary recommends in writing to the trustee of the fund a specified course of action, the trustee, if he or she wishes to accept the recommendations of the fund's actuary, must, within 21 days after receiving the recommendations, forward a copy of the recommendations to the Regulator, together with a request that the Regulator approve the recommendations.

9.44(2)   [Trustee to follow approved recommendations]  

If the Regulator approves the recommendations of the fund's actuary and notifies the trustee in writing of the approval, the trustee must follow the specified course of action as recommended.