Provident Fund and Pension Fund 12

(1) The University shall, for the benefit of its teachers and employees, create a provident fund or a pension fund or formulate an insurance scheme in such manner and subject to such conditions as may be prescribed by the Statutes.(2) Where a provident fund or a pension fund has been created, the provisions of the provident Funds Act, 1925 (Central Act 19 of 1925) shall apply to such a Fund.