(1) With the prior approval of the Government, the University shall constitute for the benefit of its officers, teachers, ministerial staff and other employees, in such manner and subject to such conditions as may be prescribed, such pension, gratuity, insurance or provident fund, contributory pension fund and any other such funds as it may deem fit.
(2) The Government may declare the provisions of the Provident Funds Act 1925 (Central Act 19 of 1925) shall apply to the provident fund or pension fund so constituted by the University as if they were Government provident funds. Provided that the University shall have power in consultation with Finance Committee and the Board to invest provident fund amount in such manner as it may determine.