Section 25: Provident, superannuation and other like funds

25. Provident, superannuation and other like funds.—(1) Where an establishment the management of which has been transferred to a corporation under section 13 has established a provident or superannuation fund or any other like fund for the benefit of its employees and has constituted a trust in respect thereof, hereafter in this section referred to as an existing trust the money's standing to the credit of any such fund on the appointed date, together with any other assets belonging to such fund, shall, subject to the provisions of sub­section (2), stand transferred to and vests in the corporation on the date the management of the establishment is transferred to it, free from any such trust. (2) Where all the employees of any such establishment do not become employees of a corporation under section 22, the moneys and other assets belonging to any such fund as is referred to in sub­section (1) shall be apportioned between the persons responsible for the fund and the corporation in such manner as may be prescribed by rules and, in the case of any dispute regarding such apportionment, the decision of the Federal Government shall be final. (3) A corporation shall, as soon as may be after the management of an establishment is transferred to it under section 13, constitute in respect of the moneys and other assets which are transferred to and vested in it under this section, one or more trusts having objects as similar to the objects of the existing trust as in the circumstances may be practicable. (4) Where all the moneys and other assets belonging to an existing trust are transferred to and vested in a corporation under this section, the persons responsible for such trust shall, as from the date of such transfer, be discharged from the trust, except as respects things done or omitted to be done before the date of transfer of the management of the establishment.

Effective date: 1973-01-01

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