Seamen's Provident Fund Act,1966

Act No : 4

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Section : VESTING OF FUND, ETC

SECTION 04: VESTING OF FUND, ETC

(1) The Fund referred to in sub-section (1) of section 3-shall vest in, and be administered by, the Board constituted under section 5-.

(2) The moneys in the Fund shall be applied for-

(a) meeting the pay and allowances of the employees of the Board and other administrative expenses of the Board;

(b) carrying out the purposes of this Act.

(3) All moneys in the Fund shall be deposited in2[an approved bank] or be invested in such securities as may be approved by the Government.

3[Explanation.- In this section, "approved bank" means the State Bank of India constituted under section 3 of the State Bank of India Act, 1955, or a subsidiary bank as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959, or a corresponding bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.]

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