Provident Fund, Superannuation, Welfare Fund, etc.

(1) Where a provident superannuation welfare or other fund has been established by an educational institution for the benefit of the persons employed by it, the moneys relatable to the employees— (i) whose services are transferred by or under this act to the State Government, or (ii) who are in receipt of pension or other pensionary benefit immediately before the appointed day, shall, out of the money standing on that day to the credit of such provident superannuation welfare or other fund stand transferred to and vested in, the State Government free from any trust that may have been constituted by the educational institution in respect thereof. (2) The moneys which stand transferred in sub-section (1) to the State Government shall be dealt with by the State Government in such m be prescribed. (3) The State Government shall, as soon as may be, after the educational institution becomes vested in it, constitute, in respect of moneys and other assets which are transferred to and vested in it under this section, one or more funds having objects as similar to the objects of the existing trust, as in the circumstances may be practicable, so however, that the rights and interests of the beneficiary of the trust referred to in sub-section (1) are not in any way, prejudiced or diminished. (4) Where all moneys and other assets belonging to an existing trust are transferred to, and vested in the State Government under this section, the trustees of such trust shall, as from the date of such vesting stand discharged from the trust except as respects things done or omitted to be done before the date of such vesting.