Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act : GRATUITY, WELFARE

Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act,1978

Act No : 16

Section : GRATUITY, WELFARE AND OTHER FUNDS

SECTION 20: GRATUITY, WELFARE AND OTHER FUNDS

Where any gratuity, welfare or other fund has been established by a dissolved company or any other company in respect of a transferred unit for the benefit of its employees and is in existence immediately before the appointed day, all moneys and other assets standing to the credit of or relatable to such gratuity, welfare or other fund shall vest in the corresponding unit of the Integral Company or other transferee company, as the case may be.