Pension and provident funds

(1) The Institute shall constitute for the benefit of its officers, teachers and other employees, in such manner and subject to such conditions as may be specified by regulations, such pension and provident funds as it may deem fit: Provided that the pension and provident fund constituted by the Anteceding Institutions before the commencement of this Act shall be deemed to be the pension and provident fund under this section. (2) Where any such provident fund has been constituted, the Central Government may declare that the provisions of the Provident Funds Act, 1925 (19 of 1925) shall apply to such fund as if it were a Government Provident Fund.