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(1) The Provident Fund of all regular employees of a college or University shall be maintained in the State Government Treasury. (2) Every employee of a college or University shall be provided with a Provident Fund account. (3) All balances in the Provident Fund held by the college or by the University in any form shall be transferred to the State Government treasury within such time as may be directed by the State Government. (4) Other rules regulating the financial business of the college or the University shall be such as may be prescribed. CHAPTER V Administration of Universities Administration of Universities. Employees of the University.