Provident and other funds

(1) Where a company has established a provident fund, superannuation, welfare or other fund for the benefit of its officers or other employees, the moneys relatable to the officers or other employees whose services have become transferred by or under this Act to the Government shall out of the moneys standing on the vesting date to the credit of such provident fund, superannuation, welfare or other fund, stand transferred to and vest in the Government.

(2) The moneys which stand transferred under sub-section (1) to the Government shall be dealt with by the Government in such manner as may be prescribed.