Pension, insurance and provident fund

(1) The University shall constitute, for the benefit of its officers, teachers, clerical staff and other employees, in such 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 rules which have been approved by the State Government, the State Government may declare that the provisions of the Provident Fund Act, 1925 (19 of 1925) shall apply to such fund as if it were a Government Provident Fund.