(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.
Employment of certain employees to continue.
Provident fund and other funds.
233 The India Belting and Cotton Mills Limited (Acquisition and Transfer of Undertakings) Act, 1992.
[West Ben. Act (Chapter VL—Commissioner of Payments.—Sections 15, 16.)
(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.
CHAPTER VI Commissioner of Payments Appointment of Commissioner of Payments.
Payment by State Government to Commissioner.