Employees provident fund

(1) Any society may establish for its employees a provident fund into which shall be paid the contributions made by its employees and by the society. Such provident fund shall not be used in the business of the society nor shall it form part of the assets of the society, but shall be invested under the provisions of the last preceding section, and shall be administered in the manner prescribed. (2) Notwithstanding anything contained in the foregoing sub-section, a provident fund established, by a society to which the Employees Provident Funds Act, 1952, as applicable, shall be governed by that Act.