Amendment status not verified — confirm the current text below against the official source.
(1) Where the Company has established a provident fund, superannuation fund, welfare fund or other fund for the benefit of the person employed in any of its undertaking, the monies relatable to the officers or other employees whose services have become transferred by or under this Act, to the Government or the Government Company shall out of monies standing on the appointed day, to the credit of such provident fund, superannuation fund, welfare fund or other fund, stand transferred to, and shall vest in the Government or the Government Company, as the case may be. (2) The monies which stand transferred under sub-section (1) to the Government or the Government Company, as the case may be, shall be dealt with by the Government or the Government Company in such manner as may be prescribed.