(1) Where the owner of a textile undertaking has established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in such textile undertaking, the monies relatable to the employees, whose services have become transferred by or under this Act to the National Textile Corporation shall, out of the monies standing, on the appointed day, to the credit of such provident fund, superannuation, welfare or other fund, stand transferred to, and shall vest in, the National Textile Corporation.
(2) The monies which stand transferred, under sub-section (1), to the National Textile Corporation shall be dealt with by that Corporation in such manner as maybe prescribed.