Section 13 in Tamil Nadu State Housing Board Act, 1961
13. Transfer of provident, superannuation and other like funds to the Board.
(1)Where the City Improvement Trust has established a provident fund or superannuation fund or any other like fund for the benefit of its employees and constituted a trust in respect thereof (hereinafter referred to as the existing trust), the moneys standing to the credit of any such fund on the appointed day; together with any other assets belonging to such fund, shall, subject to the provisions of sub-section (2), stand transferred to and vested in the Board on the appointed day free from any such trust.(2)The Board shall, as soon as may be after the appointed day, constitute in respect of the moneys and other assets which are transferred to and vested in it under sub-section (1), one or more trusts having objects as similar to the objects of the existing trusts as may be practicable.(3)Where all the moneys and other assets belonging to the existing trust are transferred to and vested in the Board under sub-section (1), the trustees of such trust, shall, as from the appointed day, be discharged from the trust, except as respects things done or omitted to be done before the appointed day.
