(1) The University shall constitute for the benefit of its employees such

provident fund or pension fund or provide such insurance schemes as it Provideny and pensio may deem fit in such manner and subject to such conditions as may be prescribed by the Statutes.

1. (2) Where such provident fund or pension fund has been so constituted, the State Government may declare that the provisions of the Provident Fund Act, 1925 shall apply to such fund, as if it were a Government provident fund.