Special provisions for transfer and vesting of welfare funds established by custom or agreement

All welfare funds established by custom or agreement before the date of commencement of this Act and standing to the credit of any employee on the date of commencement of this Act shall, notwithstanding anything to the contrary contained in any law for the time being in force or in any deed or other instrument, stand transferred to and vest in the Fund and shall be credited to the accounts of the employees entitled thereto in the Fund.