Section 24 in The Institutes of Technology Act, 1961
24. Pension and provident fund.
(1)Every Institute shall constitute for the benefit of its employees, including the Director, in such manner and subject to such conditions as may be prescribed by the Statutes, such pension, insurance and provident funds as it may deem fit.(2)Where any such provident fund has been so constituted, the Central Government may declare that the provisions of the Provident funds Act, 1925 (19 of 1925) shall apply to such fund as if it were a Government Provident Fund.
