Amendment status not verified — confirm the current text below against the official source.
TRANSFER OF FUND : (1) Where the exemption granted under sub-section (1) is revoked un Jer sub-section (2) of section 7 of this Act the employer shall transfer the Gratuity Fund already created or assigned in favour of the Controlling Authority the Insurance of Life Insurance Corporation of India obtained under the payment of Gratuity Act, 1972 in su h manner as may be provided in the Scheme. (2) If any amount transferred under sub-section-1) is found shirt, the employer shall pay the balance amount within such time as may be directed by the Controlling Authority. THE ASSAM GAZETTE, EXTRAORDINARY, JULY 1, 1993 701 (3) If She sum assured in the policy as sisted is found shorj of as pe’’ provision of tbe Scheme^ the employer shall pay the balance amount within such time as may be directed by the Controlling Authority.