The Seamen’s Provident Fund Act,1966
Section 4. 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 the administrative expenses of the Board;
(b) Carrying out the purposes of this Act.
(3) All moneys in the Fund shall be deposited in the State Bank of India or be invested in such securities as may be approved by the Government.