Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act : PROVIDENT FUND

Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act,1980

Act No : 67

Section : PROVIDENT FUND AND OTHER FUNDS

SECTION 12: PROVIDENT FUND AND OTHER FUNDS

(1) Where the Company has established a provident fund superannuation fund. welfare and or other fund for the benefit of the person employed in any of the undertakings of the Company, the monies relatable to the employee, 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, superannuation, welfare 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.