Establishment of Board

(1) With effect from such date as the Government may, by notification in the Gazette, appoint in this behalf there shall be established a Board by the name "Kerala Labour Welfare Fund Board". (2) The Board shall be a body corporate having perpetual succession and a common seal, and shall, by the said name, sue and be sued. For section 14 of the principal Act, the following section shall be substituted, namely:- "14. Interest on the employers and employees contributions unpaid accumulations or fines after notice of demand.-(1) If an employer does not pay to the Fund any amount of the employers' and employees' contributions due under section 15 before the date specified in that section or does not pay to the Board any amount of the unpaid accumulations or fines, realised from the employees within the time specified by or under this Act, the Commissioner may serve or cause to be served on such employer a notice to pay the amount within the period specified therein, which shall not be less than thirty days from the date of service of such notice. (2) If the employer fails, without reasonable cause, to pay the amount specified in a notice issued under sub-section (1) within the period specified therein, he shall be liable to pay, in addition to that amount, to the Fund or the Board, as the case may be, by way of penalty, simple interest at the rate of nine per cent per annum from the date on which the amount fell due: Provided that the Government may, subject to such conditions as may be prescribed, remit the whole or any part of the penalty in respect of any period.".