Smith, Stainstreet and Company Limited (Acquisition and Transfer of Undertakings) Act,1977

Act No : 41

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Section : PROVIDENT AND OTHER FUNDS

SECTION 13: PROVIDENT AND OTHER FUNDS

(1) Where the Company has established a provident superannuation, welfare or other fund for the benefit of the persons employed in the undertakings of the Company, the monies relatable to the employees, whose services have become transferred by or under this Act to the Central Government or Government company, shall, out of the monies standing, on the appointed day, to the credit of such provident, superannuation, welfare or other fund, stand transferred to, and shall vest in, the Central Government or the Government company, as the case may be.

(2) The monies which stand transferred under sub-section (1) to the Central Government or the Government Company, as the case may be, shall be dealt with by that Government or the Government Company in such manner as may be prescribed.

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