—(1) The appointment of an SRS operator may be terminated as follows:
the Minister may, at any time, by notice in writing to an SRS operator, revoke the appointment of the SRS operator; or
an SRS operator may, at any time, by notice in writing to the Minister, relinquish its appointment as an SRS operator.
(2) Prior to the termination of its appointment, an SRS operator shall —
inform all its SRS members that its appointment as an SRS operator is being terminated and that it will transfer their SRS accounts to any other SRS operator of their choice;
continue to discharge its duties and obligations under the Act and these Regulations until all SRS accounts maintained with it have been transferred to other SRS operators; and
bear all costs relating to the transfer of its SRS accounts to other SRS operators.
(3) Where an SRS member fails to choose another SRS operator to take the place of his SRS operator whose appointment is being terminated such that his SRS operator is unable to comply with its obligation under paragraph (2)(b), the SRS operator whose appointment is being terminated shall transfer the SRS account of that SRS member to such other SRS operator as the Minister may direct.
(4) The appointment of an SRS operator shall terminate upon completion of the transfer of all SRS accounts maintained with it in accordance with paragraph (2)(b).