Tea Companies (Acquisition and Transfer of Sick Tea Units) Act : Provident fund and other funds. Indian

Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

Act No : 37

Section : Provident fund and other funds.

12. Provident fund and other funds. (1) Where a tea company has established a provident fund, superannuation fund, welfare fund or other funds for the benefit of persons employed in a sick tea unit owned by it, the monies relatable to its employees whose services have become transferred by or under this Act to the Tea Trading Corporation shall, out of the monies standing, on the appointed day, to the credit of such provident fund, superannuation fund, welfare fund or other funds, stand transferred to, and vest in, the Tea Trading Corporation. (2) The monies which stand transferred under sub-section (1) to the Tea Trading Corporation, shall be dealt with by that Corporation in such manner as may be prescribed.