Provident and other funds

(1) Where the owner of a sick textile undertaking has established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in such sick textile undertaking, the moneys relatable to the employees, whose services have become transferred by or under this Act to the State Textile Corporation shall, out of the moneys standing, on the appointed day, to the credit of such provident fund, superannuation, welfare or other fund, stand transferred to, and shall vest in, the State Textile Corporation. (2) The moneys which stand transferred under sub-section (1) to the State Textile Corporation shall be dealt with by the Corporation in such manner as may be prescribed.