Amendment status not verified — confirm the current text below against the official source.
Transfer of accumulations in provident fund and other like funds. — (1) The sums at the credit of the provident fund accounts of the persons referred to in sub-section (1) of section 54 as on the notified date and of the persons referred to in sub-section (2) of that section as on the date specified in the order under clause (a) of the said sub-section (2) shall be transferred to the 1[Madurai-Kamaraj University] and the liability in respect of the said provident fund accounts shall be the liability of the 1[Madurai-Kamaraj University]. (2) There shall be paid to the 1[Madurai-Kamaraj University] out of the accumulations in the superannuation fund and other like funds, if any, of the University of Madras such amounts as have been credited to the superannuation fund or other like funds, if any, on behalf of the persons referred to in sub-sections (1) and (2) of section 54. The amount so paid shall form part of the superannuation fund or other like funds, if any, that may be established by the 1[Madurai-Kamaraj University] for the benefit of its employees.