Amendment status not verified — confirm the current text below against the official source.
(1) The University may constitute for the benefit of its employees such pension, insurance and provident funds as it may deem fit. (2) For such pension, insurance and provident funds so constituted by the University, the Government may declare that the provisions of the Provident Fund Act, 1925 and subsequent amendments shall apply to such funds as it were a Government Provident Fund, provided that the University shall have power in consultation with the Finance Committee of the Board to invest the provident fund amount in such manner as it may determine. (3) Persons in Government services transferred to the University shall be governed under such terms and conditions as may be agreed to between the University and Government. 19 of 1925 University Funds and Grants.