59. Transfer of accumulations in provident fund and other like funds.
(1)The sums at the credit of the provident fund accounts of the persons referred to in sub-section (1) of section 58 as on the notified date and of the persons referred to in sub-section (2) of that section as on the date specified in the order under clause (a) of the said sub-section (2) shall be transferred to the Periyar University and the liability in respect of the said provident fund accounts shall be the liability of the Periyar University.(2)There shall be paid to the Periyar University out of the accumulations in the superannuation fund and other like funds, if any, of the Chennai University such amounts as have been credited to the superannuation fund or other like funds, if any, on behalf of the persons referred to in sub-sections (1) and (2) of section 58. The amount so paid shall form part of the superannuation fund, or other like funds if any, that may be established by the Periyar University for the benefit of its employees.
