Provident and pension funds

(1) The University shall constitute, for the benefit of its employees in such manner and subject to such conditions as may be prescribed by the Statutes, such provident or pension fund or provide such insurance schemes as it may deem fit. (2) Where such provident fund or pension fund has been so constituted, the Government may declare that the provision of the Provident Fund Act, 1925, shall apply to such fund, as if it were a Government Provident Fund. Notwithstanding anything contained in the Statutes, a person who holds any post in the University or is a member of any authority or body of the University in his capacity as a member of a particular authority or body or as the holder of a particular appointment shall hold such office or membership only for so long as he continues to be a member of that particular authority or body or the holder of that particular of that particular appointment, as the case may be.