Section 216. Disposition of uncommitted balance of employees' contributions

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.