Provident fund, pension and insurance

(1) The University shall create for the benefit of its officers, teachers, ministerial staff and other employees, in such manner and subject to such conditions as may be prescribed, such pension, gratuity, insurance, provident fund as it may deem fit. (2) For such pension, gratuity, insurance and provident fund so constituted by the University, the State Government may declare that the provisions of the Provident Funds Act, 1925 (Central Act No. 19 of 1925) shall apply to such funds as if it were Government Provident Fund: Provided that the University shall have power in consultation with the Finance Committee and the Board to invest provident fund amount in such manner as it may determine.