Esso (Acquisition of Undertakings in India) Act,1974
Act No : 4
Section : PROVIDENT, SUPERANNUATION,, WELFARE FUND, ETC
SECTION 10: PROVIDENT, SUPERANNUATION,, WELFARE FUND, ETC
(1) Where a provident,superannuation, welfare or other fund has been established by Esso for the benefit of the persons employed by it in connection with its "undertakings in India, the moneys relatable to the employees, whose services are transferred by or under this Act to the Central Government or a Government company, shall, out of the moneys standing, on the appointed day, to the credit of such provident, superannuation, welfare or other fund, stand transferred to a d vest in the Central Government or the Government company, as the case may be, free from any trust that may have been constituted by Esso in respect thereof.
(2) The moneys which stand transferred, under sub-section (1) to the Central Government or a Government company shall be dealt with by the Central Government or that company,-as the case may be, in such manner as may be prescribed.
(3) The Government company in which the undertakings of Esso in India are directed to be vested shall, as soon as may be after the date of vesting, constitute, in respect of the moneys and other assets which are transferred to and vested in it under this section one or more trusts having objects as similar to the objects of the existing trusts as in the circumstances may be practicable, so, however, that the rights and interests of the beneficiaries of the trust referred to in sub-section (1) are not, in anyway, prejudiced or diminished,
(4) Where all the moneys and Other assets belonging to an existing trust are transferred to and vested in the Central Government or a Government company under this section, the trustees of such trust shall, as from the date of such vesting, stand discharged "from the trust except as respects things done or omitted to be done before the date of such vesting.
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