Section 59: Maintenance and administration of provident fund

A society which has established a provident fund for its employees under section 53 shall, with the previous approval of the Registrar, frame regulations for the maintenance and utilisation of the provident fund for its employees. Among other matters, such regulations shall provide for the following:-

(i) authority administering the provident fund;

(ii) category of employees entitled to contribute to the provident fund;

(iii) amount (not exceeding ten per cent of the employee's salary) of contribution to be deducted from the employee's salary;

(iv) the rate of contribution (not exceeding the annual contribution made by the employee) to be made by the society;

(v) the purpose for which and the extent to which advances may be made against the security of the provident fund and the period after which this could be done and number of monthly installments in which it is to be recouped;

(vi) refund of employees' contribution and contribution made by the society;

(vii) mode of nomination for payment of the amount of the provident fund in case of employees' death;

(viii) mode of investment of the provident fund and payment of interest thereon;

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(ix) maintenance of accounts in respect of provident fund, drawals and such other matters as may be necessary in such form as may be specified by the Registrar.