NDDB Act 22Chapter V · Provisions Relating to Directors and Employees of the National Dairy Development Board
Section 22 · Provident fund, gratuity, welfare and other funds
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(1) Where a provident fund has been
established by the society or the dissolved company in respect of either of them for the benefit of the
officers or other employees and the same stands vested in a trust, the moneys and other assets standing to
the credit of each provident fund shall continue to be held in trust with the same objects as were
applicable before the appointed day and the trustees of such trusts immediately before the appointed day
shall, subject to the provisions of the trust deeds and the rules relating to the respective trusts, continue to
function as trustees in respect of the respective provident fund until and unless otherwise directed by the
National Dairy Development Board, and the rights relating to the said trusts shall, as from the appointed
day, vest in the National Dairy Development Board.
(2) Where any gratuity, welfare or other fund had been established by the society or the dissolved company for the benefit of its officers or other employees and is in existence immediately before the appointed day, all moneys and other assets standing to the credit of or relatable to such gratuity, welfare or other fund shall vest in the National Dairy Development Board.
(3) Notwithstanding anything contained in sub-sections (1) and (2), the Board may give such directions relating to the trusts or funds or take such other action as it may deem fit so as to bring about uniformity or to effect integration in part or in whole in such trusts or funds.
(4) The Board may, having regard to the welfare of the officers and other employees or their families, take such steps for the advancement of their health, education or other interests as may be prescribed and create such institutions as may be required for the purpose.
(5) Nothing in the foregoing provisions of this section shall derogate the power of the Board to make regulations for establishing or maintaining any provident fund, welfare fund, gratuity fund or other fund for any of its officers or other employees.
(2) Where any gratuity, welfare or other fund had been established by the society or the dissolved company for the benefit of its officers or other employees and is in existence immediately before the appointed day, all moneys and other assets standing to the credit of or relatable to such gratuity, welfare or other fund shall vest in the National Dairy Development Board.
(3) Notwithstanding anything contained in sub-sections (1) and (2), the Board may give such directions relating to the trusts or funds or take such other action as it may deem fit so as to bring about uniformity or to effect integration in part or in whole in such trusts or funds.
(4) The Board may, having regard to the welfare of the officers and other employees or their families, take such steps for the advancement of their health, education or other interests as may be prescribed and create such institutions as may be required for the purpose.
(5) Nothing in the foregoing provisions of this section shall derogate the power of the Board to make regulations for establishing or maintaining any provident fund, welfare fund, gratuity fund or other fund for any of its officers or other employees.
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