Section 15
Provident and other funds.
The Textile Undertakings (Nationalisation) Act, 1995
About this Act
An Act to provide for the acquisition and transfer of the textile undertakings, and the right, title and interest of the owners in respect of the textile undertakings, specified in the First Schedule with a view to augmenting the production and distribution of different varieties of cloth and yarn so as to subserve the interests of the general public and for matters connected therewith or incidental thereto.
(1) Where the owner of a textile undertaking has established a
provident fund, superannuation, welfare or other fund for the benefit of the persons employed in such
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 maybe 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 maybe prescribed.