Section 310 — Penalty, where employee assigns or charges interest in fund

Where an employee assigns or creates a charge upon his beneficial interest in a fund, the Assessing Officer shall give notice to the employee that if hedoes not secure the cancellation of the assignment or charge within two months of the date of receipt of the notice, the consideration received for suchassignment or charge shall be deemed to be income received by him in the tax year in which the fact became known to the Assessing Officer and shall beassessed, accordingly.
Arrangements on winding up, etc., of business.
311. When the business of the employer is to be closed or discontinued, the trustees shall, with the prior approval of and subject to the conditions imposed bythe approving authority, make suitable arrangements for providing annuities to current employees, or to their widows, children, or dependents in the event oftheir death.