Amendment status not verified — confirm the current text below against the official source.
(1) The State Government shall establish a provident fund for the Secretary, Housing Commissioner and other officers and servants of the Board and such provident fund (hereinafter called the said fund) shall, notwithstanding anything contained in section 8 of the Provident Funds Act, 1925, be deemed to be a Government Provident Fund for the purposes of the said Act. (2) The Board shall in respect of each of its employees who is a subscriber to the said fund, pay into the said fund such portion of the contribution in such manner as the State Government may, from time to time, determine. 23[(3) It shall be lawful for the Board to utilise the moneys in the said fund to defray the cost of executing any housing scheme, subject to such restriction as to the amount to be so utilised as the State Government may, from time to time, by order, specify, having regard to the probable requirements, within reasonable proximity of time, of the Board for paying the amount from the said fund to the depositors.]