No. 21. Income Tax. 1967.


 (b) the fund has for its sole purpose the pro-
 vision of annuities for all or any of the fol-
 lowing persons in the events respectively
 specified, that is to say, for persons employed
 in the trade or undertaking, either on retire-
 ment at a specified age or on becoming in-
 capacitated at an earlier age, or for the
 widows, children or dependents of persons
 who are or have been so employed, on the
 death of those persons; and

 (c) the employer in the trade or undertaking is
 a contributor to the fund; and

 (d) the fund is recognized by the employer and
 employed persons in the trade or under-
 taking:

 Provided that the Comptroller may, if he_ thinks fit
 and subject to such conditions, if any, as he thinks proper to
 atta.,h to the approval, approve a fund, or any part of a fund
 as a superannuation fund for the purposes of this section-

 (a) notwithstanding that the rules of the fund
 provide for the return in certain contin-
 gencies of contributions paid to the fund; or

 (b) if the main purpose of the fund is the pro-
 vision of such annuities as aforesaid, not-
 withstanding that such provision is not its
 sole purpose; or

 (c) notwithstanding that the trade or undertaking
 in connection with which the fund is estab-
 lished is carried on only partly in the Colony
 and by a person not residing therein.

 (3) Where such fund is approved, then-

 (a) any income of such fund arising in the terri-
 tory shall be exempt;

 (b) any contributions to the fund by the employer
 shall be allowed as prescribed.