Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act : PROVIDENT AND OTHER

Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

Act No : 30

Section : PROVIDENT AND OTHER FUNDS

SECTION 13: PROVIDENT AND OTHER FUNDS

(1) Where the Company has established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in a textile undertaking, the moneys relatable to the officers and other employees whose services have been transferred by or under this Act to the National Textile Corporation shall, out of the moneys standing, on the appointed day, to the credit of such provident fund, superannuation, welfare or other fund, stand transferred to, and vest in, the National Textile Corporation.

(2) The moneys which stand transferred under sub-section (1) to the National Textile Corporation shall be dealt with by that Corporation in such manner as may be prescribed.