APPROVED SUPERANNUATION FUNDS

84. Conditions regarding trustees

(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.