(1) The University shall constitute, for the benefit of its officers, teachers, clerical staff and servants, in such manner and subject to such conditions as may be prescribed by the Statutes, such pension, insurance and provident funds as it may deem fit.
     (2) Where any such pension, insurance or provident fund has been so constituted, ¹[or where any such pension, insurance or provident fund has been constituted by a college under rules which have been approved by the Central Government,] the Central Government may declare that the provisions of the Provident Funds Act, ²[1925 (19 of 1925), shall apply to such funds, as if it were a Government Provident Fund.
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