State Act
12
Section 12. Provident and other Funds
THE BHASKAR TEXTILE MILLS (ACQUISITION AND TRANSFER) ACT, 1986
Act no. 4 of 19861986In forceOdisha (State Act)
12. (1) Where the owner of the textile undertaking has established a Provident superannuation, welfare or other' fund for the benefit of the persons employed in such textile undertaking, the moneys relatable to-the employees whose services have been transferred by or under this Act to the Corporation shall, out of the moneys standing, on the appointed day, to the. credit of such Provident Fund, superannuation, welfare or other fund stand transferred -to, and shall vest in the Corporation. (2) The moneys which stand transferred under sub-section (1) to the Corpora tion shall be dealt with by the Corporation in such manner as may be prescribed.