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

All welfare funds established either by custom or agreement before the date of commencement of this Act and standing to the credit of the employees on such date shall, not with standing 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 established under section 3 and shall be credited to the accounts of the employees entitled there to the Fund.