Section 25 in The Orissa Housing Board Employees' Provident Fund Trust Rules, 1997
25. Winding up of the fund.
- In case of dissolution of the Board, under Section 75 of the Act, the fund shall be wound up. On winding up of the fund, the Board of Trustees shall sale and realise the investments belonging to the fund and out of the net money so realised and any uninvested cash belonging to the fund in their hands, the Board of Trustees shall, as far as practicable, pay to the members the amount then standing to the credit of their respective accounts in the fund and in case of any surplus, the same shall be divided among all the then members of the fund in such proportion, as the Board of Trustees may think fit :Provided that all amounts standing to the credit of ex-employees shall be dealt with as per directions of the State Government :Provided further that any arrangement in the winding up of the fund shall be subject to the prior approved of the Commissioner of Income-tax having jurisdiction. The Board of Trustees shall deduct tax, if applicable, from any payments made in accordance with the provisions of the rule and credit it into Government account.
