Amendment status not verified — confirm the current text below against the official source.
Provident and other funds .– (1) Where the owner of a sick textile undertaking has established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in such sick textile undertaking, the moneys relatable to the employees, whose services have become transferred by or under this Act to the State Textile Corporation shall, out of the moneys standing, on the appointed day, to the credit of such provident fund, superannuation, welfare or other fund, stand transferred to, and shall vest in, the State Textile Corporation. (2) The moneys which stand transferred under sub-section (1) to the State Textile Corporation shall be dealt with by the Corporation in such manner as may be prescribed. 15.Transfer of employees to subsidiary Textile Corporation .– Where any sick textile undertaking or any part thereof is transferred under this Act, to a Subsidiary Textile Corporation, every person referred to in sub-section (1) and sub-section (2) of section 13, shall, on and from the date of such transfer, become an employee of the Subsidiary Textile Corporation, and the provisions of sections 13 and 14 shall apply to such employee as they apply to an employee of the State Textile Corporation as if references in the said sections to the State Textile Corporation were references to the Subsidiary Textile Corporation. CHAPTER VI COMMISSIONERS OF PAYMENTS