Amendment status not verified — confirm the current text below against the official source.
3 (w.e.f. 11-6- 1976). - 29 Law-65, 506 (b) the time and manner in which amounts deducted from additional wages or additional dearness allowance shall be deducted and credited to the respective Deposit Account; (c) the documents to be issued to persons in relation to whom amounts have been credited to the Deposit Accounts as evidence of such credit; (d) authority or authoritics by or through which credits to the Deposit Accounts may be made; (¢) the accounts to be maintained with respect 1o the amounts credited to the Deposit Accounts and the officer by whom such Accounts shall be marntained; (f) the nomination of persons to receive the amount standing in a Deposit Account to the credit of an employee in the event of his death, and cancellation or change of such nomination; (g} the issue of duplicate of any document issued as evidence of any credit in the event of loss or destruction of the original and the fee, not exceeding rupees two, on the payment of which such duplicate may be issued; (h) repayment of amounts credited to the Deposit Accounts with interest due thereon and the conditions, if any, under which such repayment may be made; (i) any other matter which may be necessary or proper for the effective implementation of the scheme, (3) A scheme framed under this section may provide that all or any of its provisions shall take effect. cither prospectively or retrospectively, on such date, not being a date earlier than the appointed day. as may be specified in this behalf in the scheme and every scheme framed under this section shall have effeet notwithstanding anything contained in any law (other than this Act } for the tme bemg force or in any instrament having effect by virtue of any enactment other than this Act. (4) The Central Government may make a scheme to add to, amend or vary any scheme framed under sub-section M. Rounding off. 11. Rounding off. Where the amount of any credit to be made in any Deposit Account contains a part of a rupee, then, such part, if it is fifty paise or more, shall be increased 16 one complete rupee and if it Is less than fifty paise, it shall be ignored. CHAP MISCELLANEOUS CHAPTER 111 MISCELLANEOUS Amounts due to be first charge in the casc of insolvency orliguidation of the employer. 12. Amounts due to be first charge in the case of insolvency or liquidation of the employer. (1) Where any amount required by this Act to be credited 1o any Deposit Account or remitted to a nominated authority has not been so credited or remitted by any employer. the amount in respect of which such omission or failure was made, together with interest due thereon caleulated at the rate specified in sub- section (1) of section 7, shall, in the event of the employer being adjudicated by any court to be insolvent or, being a company is ordered by any court to be wound up, be deemed to be first charge on the assets of the insolvent or of the company. as the case may be, and shall have priority over all ather debts, and be paid in full, 507 (2) The court shall cause the sum which is required, under sub- section (1), to be paid in priority to all other debts to be remitted to the. nominated authority for crediting the same to the appropriate Deposit Account. Transfer of establishments. 13. Transfer of establishments. Where an employer, in relation 10 an establishment to which this Act applies, transfers that establishment in whole or in part by sale. gift or otherwise or grants any licence in respect of such establishment the employer and the person to whom the establishment is so transferred or the licence is so given shall be jointly and severally liable to credit to the appropriate Deposit Account or. as the case may be. remit to the nominated authority, the sums which are required by this Act to be 5o eredited or remitted: Provided that the liability of the transferee or licensee shall be limited to the value of the assets obtained by him on such transfer or licence, as the case may be. Penalties.