(1) Any society may establish for its employees a provident fund, into which shall be paid the contributions made by its employees and by the society. Such provident fund shall not be used in the business of the society, nor shall it form part of the assets of the society; but 1 Section 69B was inserted by Mah. 11 of 2008, s. 14.
2 Section 70 was substituted by Mah. 11 of 2008, s. 15.
3 These words were substituted for the words “Every Society other than the co-operative credit structure entity” by Mah. 16 of 2013, s. 24(a).
4 Clause (a) was substituted by Mah. 16 of 2013, s. 24(b).
5 Clause (d) was inserted by Mah. 16 of 2013, s. 24(c).
48 The Maharashtra Co-operative Societies Act, 1960 [1961 : Mah. XXIV shall be invested under the provisions of the last preceding section, and shall be administered in the manner prescribed.
(2) Notwithstanding anything contained in the foregoing sub-section, a provident fund established by a society to which the Employees’ Provident Funds Act, 1952 (XIX of 1952) is applicable shall be governed by that Act.