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Rule 84 of Income Tax Rules 1962: Conditions Regarding Trustees
Rule 84 : Conditions regarding trustees
(Part XIII : Approved Superannuation Funds)
(1) The trust shall have at least two trustees, provided that a company as defined in clause (i) of sub-section (1) of section 3 of the Companies Act, 1956 (1 of 1956) shall not be appointed as a trustee without the prior approval of the Chief Commissioner or Commissioner.
(2) The trustees of the fund shall be resident in India and any trustee who leaves India permanently shall vacate his office.
Reference/Source: Check at Income Tax site for latest version of the Rules - link