Kosangas Company (Acquisition of Undertakings) Act : PROVIDENT AND OTHER FUNDS Indian Bare Acts :

Kosangas Company (Acquisition of Undertakings) Act,1979

Act No : 28

Section : PROVIDENT AND OTHER FUNDS

SECTION 10: PROVIDENT AND OTHER FUNDS

(1) Where Gocul Gas Private Limited or Kosangas company has established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in the undertaking, the monies relatable to the officers or other employees whose services have been transferred by or under this Act to the Central Government or the successor Government company shall, out of the monies standing on the appointed day, to the credit of such provident fund, superannuation, welfare or other fund, stand transferred to, and vest in, the Central Government or the successor Government company, as the case may be.

(2) The monies which stand transferred under sub-section (1) to the Central Government or the successor Government Company, as the case may be, shall be dealt with by that Government or successor Government company in accordance with such scheme as the Central Government may make in this behalf.