(1) Where the Company has established a provident fund or superannuation, welfare or Other fund for the benefit of the persons employed in the undertakings of the Company, the moneys relatable to the employees, whose services have become transferred by or under this Act to the State Government or the existing, or new, Government company, as the case may be, shall, out of the moneys standing, on the appointed day, to the credit of such provident fund or superannuation, welfare or other fund, stand transferred to, and vest in, the State Government or the existing, or new, Government company, as the case may be.
(2) The moneys which stand transferred under sub-section (1) to the State Government or the existing, or new, Government company, as the case may be, shall be dealt with by that Government or the existing, or new, Government company in such manner as may be prescribed.
14 of 1947.
CHAPTER VI Commissioner of Payments Appointment 15. (1) The State Government shall, for the purpose of disbursing of Commis- the amounts payable under sections 8 and 9, by notification, appoint a sioner of Payments. Commissioner of Payments.
160 The Gluconate Limited (Acquisition and Transfer of Undertakings) Act, 1986.
XXVIII of 1986.]
(Chapter V1.—Commissioner of Payments.—Section 16.)
(2) The State Government may appoint such other persons as it may think fit to assist the Commissioner and thereupon the Commissioner may authorise one or more of such persons also to exercise all or any of the powers exercisable by him under this Act, and different persons may he authorised to exercise different powers.
(3) Any person authorised by the Commissioner to exercise any of the powers exercisable by the Commissioner may exercise those powers in the same manner and with the same effect as if they have been conferred on that person directly by this Act and not by way of authorisation.
(4) The salaries and allowances of the Commissioner and other persons appointed under this section shall be defrayed out of the Consolidated Fund of the State.