Transfer of Provident Fund

(1) The moneys standing in the provident fund account to the credit of any officer or employee transferred from the service of the State Government to the service of the Authority, on the notified date together with any other assets belonging to such fund, shall stand transferred to, and vest, in the Authority with effect from the notified date. (2) The Authority shall, as soon as may be, after the notified date, constitute in respect of the moneys and other assets which are transferred to and vested in it under sub-section (1), similar fund and may invest the accumulations under the fund in such securities and subject to such conditions as may be specified by the Authority with the approval of the State Government.