Amendment status not verified — confirm the current text below against the official source.
Transfer of Provident Fund to the Board.- (1) The moneys standing to the credit under the Provident Fund Account of any officer or servant allotted from the service of the Government to the Board’s service, on the date specified in the order under sub-section (1) of section 23 shall stand transferred to and vest in the Board with effect on and from such date. (2) The Board shall, as soon as may be, after such date constitute in respect of the moneys and other assets which are transferred to and vested in it under sub-section (1), a similar fund and may invest the accumulations under the Fund in such securities and subject to such conditions, as may be specified by the Board with the approval of the Government.