Amendment status not verified — confirm the current text below against the official source.
Provident and other funds.—(l) Where the owner of the undertaking has established a provident fund, superannuation. welfare or other fund for tlie benefit of the persons employed in such undertaking, the. money relatable to the employees, whose services have become transferred by lor under this Act to thi State Industrial Development Corporation shall, out of the money standing, on the appointed day, tO 'the credit of such p-ovident fund, superannuation, welfare or other fund, stand transferred to) and shall vest in, the State Industrial Development Corporation. I ' 12 (2) The money which stand transferred under sub-section (1) to the State Industrial Development Corporation shall be dealt with by that Corporation in such manner as may be prescribed. Transier of enpIoyee,s to Subsidiary Corporatioiz.—W/iere the undertaking or any part thereof is transferred under this Act to a subsidiary corporation or other agency of the Government every person referred to in sub-section (1and sub-section (2) of section 14, shall on r and from the date of such transfer, become an employee of the subsidiary corporation or other agency of the Government and the provisions of sections 14 and 15 shall apply to such employee as they apply to an employee of the State Industrial Development Corporation as if references in the said sections to the State Industrial Development Corporation were references to the subsidiary corporation or other agency of the Government. CnAITIR VI COMMISSIONER OF PAYMENTS Appointment .of Commissioner of Payments.—(l) For the purpose of disbursing the amounts payable to the owner of the undertaking and the owners of the properties sold, the Government shall, by notification in the Gazette, appoint a person as they may think fit to be the Commissioner of payments. The Government may appoint such other persons as they may think fit to assist the Commissioner and thereupon th Commissioner may authorise one or more of such persons also to exercise all or any of the powers exercisable by him under this Act and different persons may be authorised to exercise different powers. Any person authorised by. the Commissioner to exercise any of the powers may exercise those powers in the same manner and with the same effect as if they have been conferred on that person directly by this Act and not by .vay of authorisation. The salaries and allowances of the Commissioner shall be as may be prescribed and it shall be defrayed out of the Consolidated Fund of the State of Kerala. 1- I. 13 I Payment by the Govern,nent to the Coin,nissioner—( 1) The Govei'mënt shall, within thirty days from the commencement, of this Act, pay if,. cash, to the -Commissioner, for payment to the owner of-the undetaking, an amount equal to the amount specified against the undertaking in the First Schedule and shall also pay tothe Cdmmissioner such sums as may be due to the owner' of the unde.r,taking and. the ownrS' of the properties sold • under sub-section (2) of section 8, section 9 ahd 'ection.lO. (2) A 'separate account shall 'be opened by the Government ,in favo rof the Commissioner'and every amount paid under this. Act to the 'Commissioner shall be deposited by him in that account and thereafter such account shall be'operated by the Conunissioner. '( '(3) Separate. recrds shall be maintained by the Commissioner in resject of the undertaidng and the payment made to hini under this Act. (4) !nterest accniin on the amounts standing to the credit of the accunt referred to in sub-section '(2) shall ensure to the benefit of the owiers of the undertaking and payment of interest to the owners of the rooerties sold. = .19. 'C1ains: to' be made to the Comnzissioner—Every person havIng a 'claim against the owner of the undertakingor the properties sold 'shall prfer such claim before the Commissioner within, thirty days from the 'date of appointment of the. Commissioner. or such extended.period, as the Gvernnent may, by notification in the Gazette, specify: P Provided thatif the CommissiOner is satisfied that the claimant was evented'by sufficient cause from preferring the claim within the said riod he may 'entertain the claim within a further period of thirtS' days bitt not thereafter.