Pension and provident fund.

(1) The University shall constitute, for the benefit of its officers, teachers, clerical staff and servants, in such manner and subject to such conditions as may be prescribed by the Statutes, such pension, insurance or provident fund as it may deem fit. (2) Where any such pension, insurance or provident fund has been so constituted or where any such pension, insurance or provident fund has been constituted by a college under rules which have been approved by the State Government, the State Government may declare that the provisions of the Provident Funds Act, 1925 (Central Act XIX of 1925). shall apply to such fund, as if it were a Government provident fund.