Rule 93 : Arrangements on winding up, etc., of business
(Part XIII : Approved Superannuation Funds)
Where the employer's trade or undertaking is to be wound up or discontinued, the trustees shall, with the prior approval of, and subject to such conditions as may be imposed by, the Chief Commissioner or Commissioner, make satisfactory arrangements for the payment of annuities to the existing employees or, on the death of the employees, to their widows, children or dependents.
Reference/Source: Check at Income Tax site for latest version of the Rules - link
This page was last updated on 17th October 2016.