Provident and pension funds

(1) The University shall constitute for the benefit of the employees such provident or pension fund or provide such Insurance schemes as it may deem fit in such manner and subject to such conditions as may be prescribed by the statutes. (2) Where such provident or pension fund has been so constituted, the State Government may declare that the provisions of the Provident Funds Act, 1925 (19 of 1925), shall apply to such funds, as if it were a Government Provident Fund.