Provident and other funds.

(1) Where the owner of the undertaking has established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in such undertaking, the money relatable to the employees, whose services have become transferred by or under this Act to the State Industrial Development Corporation shall, out of the money 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 Industrial Development Corporation. (2) The money which stand transferred under sub-section (1) to the State Industrial Development Corporation shall be dealt with by that Corporation in such manner as may be prescribed.