Section 42: Termination of licence or authorisation
consolidated text (as amended). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
42. Termination of licence or authorisation
(1) Notwithstanding any other enactment, a private pension scheme
may—
(a) before adopting a resolution for the voluntary winding up of its
activities;
(b) before cessation of its activities; and
(c) after giving the Commission at least one month’s notice,
request termination of its licence or authorisation.
P32A – 21 [Issue 5]
Private Pension Schemes Act
(2) A notice under subsection (1) shall specify—
(a) the date on which the licence or authorisation is to terminate;
(b) the measures that the private pension scheme shall take to discharge all its obligations and meet all its liabilities; and
(c) such other matters as may be required by the Commission.
(3) The request for termination of a licence or an authorisation shall be of
no effect and a private pension scheme shall continue to be subject to the
requirements and obligations under this Act, the FSC Rules, the conditions,
restrictions and limitations of its licence or authorisation, and the directions
of the Commission, until the Commission, after terminating the licence or
authorisation, gives public notice of the termination.