(1) A co-operative society having such number or class of employees as may be prescribed, shall establish a contributory provident fund for the benefit of such employees to which shall be credited all contributions made by the employees and the society in accordance with the bye-laws of the society.
(2) A contributory provident fund, established by a co-operative society under sub-section (1) shall not-
(a) be used in the business of the society ;
(b) form part of the assets of the society ;
(c) be liable to attachment or be subject to any other process of any court or other authority ; and
(d) be subject to a charge or liable to be set off towards payment of any debt or outstanding demand owing to a co-operative society under section 41.