Bengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act : PROVIDENT

Bengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act,1980

Act No : 58

Section : PROVIDENT FUND AND OTHER FUNDS

SECTION 15: PROVIDENT FUND AND OTHER FUNDS.

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

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