Section 4 in Punjab State Warehousing Corporation Employees' Provident Fund Regulations, 1974
4. Administration of Fund Accounts and Audit.
- (i) The Fund shall vest in and be administered by a Committee of Trustees comprising the Managing Director, Accounts Officer and the Secretary together with two representatives of the employees to be nominated by the Managing Director and; the Trust so created shall not be revocable save with the consent of all the beneficiaries.(ii)All moneys belonging to the Fund shall be wholly invested either in securities of the natures specified in clauses (a), (b), (c), (d) or (e) of Section 20 of the Indian Trusts Act, 1882 (2 of 1882) (Appendix I) or in a post office Saving Bank Account in India :Provided that nothing in this sub-clause shall affect the validity up to the time of maturity of any fixed deposit made with a scheduled bank before publication of these regulations.(iii)The accounts of the Fund shall be audited by the same authority which audits the accounts of the Corporation.
