Section 13
Provident fund and other funds.
The Jute Companies (Nationalisation) Act, 1980
About this Act
An Act to provide for the acquisition and transfer of the undertakings of the jute companies, specified in the First Schedule 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 articles made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
(1) Where a jute company has established a provident fund,
superannuation fund, welfare fund or other funds for the benefit of persons employed in any of the
undertakings owned by it, the monies relatable to its employees whose services have become transferred
by or under this Act to the Central Government or the Jute Manufactures Corporation shall, out of the
monies standing, on the appointed day, to the credit of such provident fund, superannuation fund, welfare
fund or other funds, stand transferred to, and vest in, the Central Government or the Jute Manufactures
Corporation, as the case may be.
(2) The monies which stand transferred under sub-section (1) to the Central Government or the Jute Manufactures Corporation, as the case may be, shall be dealt with by that Government or Corporation in such manner as may be prescribed.
(2) The monies which stand transferred under sub-section (1) to the Central Government or the Jute Manufactures Corporation, as the case may be, shall be dealt with by that Government or Corporation in such manner as may be prescribed.