Pension or provident funds

(1) the University shall constitute for the benefit of its employees such pension or provident funds or provides such insurance schemes as it may deem fit in such manner and subject to such condition as may be prescribed by the Statutes.

(2) Where such pension or provident funds or insurance scheme has been so constituted, the Government may declare that the provision of the Provident Funds Act, 1925, shall apply to such funds, as if it were a Government provident fund. Notwithstanding anything contained in these Statutes, no person who is not ordinarily resident in India shall be eligible to be an officer of the University or a member of any authority of the University.