Transfer of accumulations in provident fund and other like funds

(1) The sums at the credit of the provident fund accounts of the persons referred to in subsection (1) of section 57 as on the notified date and of the persons referred to sub-section (2) of that section as on the date specified in the order under clause (a) of the said sub-section (2) shall be transferred to in the Bharathidasan University and the liability in respect of the said provident fund accounts shall be the liability of the Bharathidasan University. (2) There shall be paid to the Bharathidasan University out of the accumulations in the superannuation fund and other like funds, if any, of the University of Madras such amounts as have been credited to the superannuation fund or other like funds, if any, on behalf of the persons referred to in sub-section (1) and (2) of section 57. The amount so paid shall form part of the superannuation fund or other like funds, if any, that may be established by the Bharathidasan University for the benefit of its employees.