Amendment status not verified — confirm the current text below against the official source.
(1) The sums standing to the credit of a member in any existing welfare fund on the date of commencement of this Act shall stand transferred to and credited to the fund established under this Act and the liability of such member to pay contribution to such welfare funds shall cease from such date. (2) When the amount standing to the credit of a member of any existing welfare fund is transferred to the welfare fund constituted under this Act, action shall be taken recognizing the seniority of the said member in the former scheme.