(1) As from the appointed day, no amount shall be credited to any superannuation fund and no recoveries for credit to any such fund shall be made from the employees without the permission of the Central Government.
(2) Having regard to the assets available in any superannuation fund, which was maintained for the benefit of the employees, the Central Government or if it so requires, the Custodian shall, with the assistance of an actuary or any other qualified expert, determine the extent to which and the manner In which the assets of the fund should be distributed among the beneficiaries, and notwithstanding any contract or other instrument or any right of the beneficiaries, express or Implied, the said determination shall be final and binding on them, and the assets of the fund shall be distributed accordingly.
Provision In relation to superannuation fund.
22. The Central Government may, if it Is necessary at any time so to do, direct that the books of account and affairs of the Caixa Economica de Goa shall be inspected by the Reserve Bank or by such other agency as may be determined by that Government, and that a report on the basis of such inspection shall be made and the Central Government may, after considering the said report,—
(i) prohibit the Custodian from receiving fresh deposits; or
(ii) direct the winding up of the affairs of the bank on such terms and conditions to be specified by that Government which shall, as far as practicable, be in consonance with the provisions relating to winding up of a banking company under the Banking Companies Act, 1949.
Residuary power in relation to Caixa Economica de Goa.
10 of 1949.
CHAPTER IV MISCELLANEOUS