Special provisions for transfer of accumulation from welfare funds established by any Acts or agreement

Notwithstanding anything contained in any other law for the time being in force, on the date of publication of this Act in the Gazette, the sums standing to the credit of a member in any welfare fund established either by any law or agreement shall stand transferred to and credited to the fund established under this Act and the liability of such member to pay contribution to such welfare funds shall cease from such date.