Section 14
Provident fund and other funds.
The Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980
About this Act
An Act to provide for the acquisition of the undertakings of the Hind Cycles Limited, and Sen-Raleigh Limited, with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of bicycles, and their component parts and accessories which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
(1) Where either of the two companies has established a
provident fund, superannuation, welfare or other fund for the benefit of the persons employed in any of its
undertakings, the moneys relatable to the officers or other employees whose services have become
transferred by or under this Act to the Central Government or Government company 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 vest in, the Central Government or the concerned Government
company, as the case may be.
(2) The moneys which stand transferred under sub-section (1) to the Central Government or the Government company, as the case may be, shall be dealt with by that Government or Government company in such manner as may be prescribed.
(2) The moneys which stand transferred under sub-section (1) to the Central Government or the Government company, as the case may be, shall be dealt with by that Government or Government company in such manner as may be prescribed.