Transfer of provident fund

Infrastructure197676 sections11 chapters

Chapter VII Chapter VII

Statutory text

(1) The moneys standing in the provident fund account to the credit of any officer or employee transferred from the service of the Government to the service of the Board, on the notified date together with any other assets belonging to such fund shall stand transferred to, and vest, in the Board with effect on and from the notified date.
(2) The Board 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) a similar fund and may invest the accumulations under the fund in such securities and subject to such conditions as may be specified by the Board with th4 approval of the Government.

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