(1)Where a local authority referred to in sub-section (1) of section 50, has established a provident fund or superannuation fund or any other like fund for the benefit of the employees of such local authority, the money standing to the credit of any such fund on the appointed day together with any other assets belonging to such fund shall, in so far as they relate to employees of the local authority who become employees of the Government under section 53, shall stand transferred to and vest in the Government on the appointed day.
