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Section 13 – The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

Section 13. Provident fund and other funds

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

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

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The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

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