Amendment status not verified — confirm the current text below against the official source.
Pension, Insurance and Provident Fund. - (1) A University may constitute for the benefit of its officers, teachers, clerical staff and other employees in such a manner and subject to such conditions as may be prescribed, such as pension, insurance and provident funds as it may deem fit; (2) For such pension, insurance and provident funds so constituted by a University, the State Government may declare that the provisions of the Provident Funds Act, 1925 (19 of 1925) shall apply to such funds as if it were a Government Provident Fund: Provided that a University shall have power in consultation with the Finance Committee of the Board of Management to invest the Provident Fund amount in such manner as it may determine; (3) Persons in State Government services transferred to a University shall be governed by such terms and conditions as may be agreed to between the University, the State Government and the incumbent.