Pension, insurance and provident fund

(1) The Cluster University shall constitute, for benefit of its officers, teachers, clerical staff and other employees, in such a manner and subject to such conditions, as may be prescribed by the Statutes, such pension, insurance and provident fund, as it may deem fit. (2) Where any such pension, insurance or provident fund has been so constituted or where any such pension, insurance or provident fund has been constituted by a college under the rules made with the approval of the State Government.