Whenever any arrangement for the provision of benefits as set forth in section two hundred eleven is terminated, any uncommitted balance of employee contributions shall be utilized only to pay accrued benefits and to provide benefits under this article. On the liquidation of a covered employer's business, or when he shall cease to be a covered employer, any such sums so remaining in excess of those required to discharge obligations under this article may be used for the benefit of employees on a reasonable basis approved by the chairman, and any such sums not so used shall be promptly paid to the chairman for deposit in the fund created under section two hundred fourteen.
New York Legal Code