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  • b)

    Pecuniary payments due to the beneficiaries of the fund;

  • c)

    Other expenses related to the fund as per the respective management


  • d)

    Amounts of individual account of each participant, in case of open pension funds, which shall be applied according to the rules set out in the management regulation;

  • e)

    Amount of acquired rights of the participants existing on the date of winding up.

  • 2.

    In case of financial insufficiency, the assets of the fund shall be used preferentially to settle the liabilities mentioned in the preceding sub- paragraphs and according to the respective order, having recourse to proportional distribution where deemed necessary.

  • 3.

    The final net positive balance, if any, ascertained during the liquidation process set out in the preceding paragraph 1 shall be used as agreed upon jointly by the management companies and associates after obtaining prior approval from AMCM.

  • 4.

    The unilateral revocation of the deed of constitution by the management company shall only be admissible in exceptional cases, namely when the pension plan is not being financed in accordance with established rules and where there is documentary proof that it is impossible to obtain the agreement of the associate.

  • 5.

    The unilateral revocation referred to in the preceding paragraph shall be subject to publication in the Official Gazette.

6. The terms of liquidation of a pension fund, under the charge of the respective management company, shall have to be defined in the liquidation agreement or in the unilateral revocation mentioned in the preceding paragraph 4.

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