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4. Vesting of Fund, etc.-

(1) The Fund referred to in sub-section (1) of section 3 shall vest in, and be administered by, the Board constituted under section 5.

(2) The moneys in the Fund shall be applied for-

(a) meeting the pay and allowances of the employees of the Board and other administrative expenses of the Board;

(b) carrying out the purposes of this Act.

(3) All moneys in the Fund shall be deposited in 1[an approved bank] or be invested in such securities as may be approved by the Government.

2[Explanation.-In this section, "approved bank" means the State Bank of India constituted under section 3 of the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act,1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).]



Seamens Provident Fund Act, 1966 Back




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