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(1) The University shall institute, for the benefit of its officers, teachers and other employees, such pension, provident fund and insurance fund, as it may deem fit. (2) Where any provident fund and insurance fund have been so constituted, the provisions of the Provident Fund Act, 1925 (Central Act 19 of 1925), shall be applicable to it as if it were a Government Provident Fund. Pension, provident fund and insurance fund.