Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act : PROVIDENT FUND AND OTHER FUNDS Indian

Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act,1982

Act No : 50

Section : PROVIDENT FUND AND OTHER FUNDS

SECTION 13: PROVIDENT FUND AND OTHER FUNDS

(1) Where the Amritsar Sugar Mills Company has established a provident fund, superannuation fund, welfare fund or other fund for the benefit of persons employed in the Amritsar Oil Works, the monies relatable to the officers and other employees, whose services have become transferred by or under this Act to the Central Government or the Government company shall, out of the monies standing, on the appointed day, to the credit of such provident fund, superannuation fund, welfare fund or other fund, stand transferred to, and vest in, the Central Government or the Government company, as the case may be.

(2) The monies which stand transferred under sub-section (1) to the Central Government or the Government company, as the case may be, shall be dealt with by that Government or the Government company in such manner as may be prescribed.