Amendment status not verified — confirm the current text below against the official source.
All welfare funds established either by custom or agreement before the date of commencement of this Act and standing to the creditor of the employees on the date of commencement of this Act shall, notwithstanding anything to the contrary contained in any law for the time being in force or in any deed or other instrument, stand transferred to and vest in the fund established under section 3 and shall be credited to the accounts of the employees entitled there to in the fund.