Section 15
Provident and other funds.
The Sick Textile Undertakings (Nationalisation) Act, 1974
About this Act
An Act to provide for the acquisition and transfer of the sick textile undertakings, and the right, title and interest of the owners in respect of the sick textile undertakings, specified in the First Schedule with a view to re-organising and rehabilitating such sick textile undertakings so as to subserve the interests of the general public by the augmentation of the production and distribution, at fair prices, of different verieties of cloth and yarn, and for matters connected therewith or incidental thereto.
(1) Where the owner of a sick textile undertaking has established a
provident fund, superannuation, welfare or other fund for the benefit of the persons employed in such sick
textile undertaking the monies relatable to the employees, whose services have become transferred by or
under this Act to the National Textile Corporation shall, out of the monies 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 National Textile Corporation.
(2) The monies which stand transferred, under sub-section (1), to the National Textile Corporation shall be dealt with by that Corporation in such manner as may be prescribed.
(2) The monies which stand transferred, under sub-section (1), to the National Textile Corporation shall be dealt with by that Corporation in such manner as may be prescribed.