Labour Welfare Fund

(1) The State Government shall constitute a Fund called the Labour Welfare Fund, and notwithstanding anything contained in any other law for the time being in force or in any contract or instrument, all unpaid accumulations shall be paid at such intervals as may be prescribed, to the Board, and be credited to the Fund and the Board shall keep a separate account therefor until claims thereto have been decided in the manner provided in section 6. (2) There shall also be credited to the Fund— (a) unpaid accumulations paid to the Board under sub-section (1); (b) all fines realised from the employees; (c) deductions made under the proviso to sub-section (2) of section 9 of the Payment of Wages Act, 1936 (IV of 1936); (d) interest by way of penalty paid under section 6A; (e) any voluntary donations; (f) any fund transferred under sub-section (5) of section 7; (g) any sum borrowed under section 8; (h) any unclaimed amount or prize money which may be prescribed. (3) The interest and other income received in respect of the Fund shall be credited to the Fund. (4) The Fund shall be a body corporate by the name of the Board of Trustees, and shall have perpetual succession and a common seal and shall by the said name sue and be sued. (5) The Fund shall vest in and be held and applied by the Board as Trustees subject to the provisions and for the purposes of this Act. The moneys therein shall be utilised by the Board to defray the cost of carrying out measures which may be specified by the State Government from time to time to promote the welfare of employees and their dependants. (6) In defraying the expenditure from the Fund the Board shall observe the procedure laid down under the Act and Rules made thereunder.