Section 16 in The Rajasthan Financial Corporation Employees Provident Fund Regulations, 1958
16. Assignment of Policy to the Administrators.
- (i) The Subscriber within three months after the first withholding of a Subscription or withdrawal from the Fund in respect of the policy, or in the case of an insurance company whose headquarters are out side India, within such further period as the Administrators may fix, shall either himself assign or shall procure the assignment of the policy in favour of the Administrators as security for the payment of any sum which may become payable to the Fund and shall deliver the policy to the Administrators.(ii)If the policy if not assigned and delivered within the said period of three months or such further period as the Administrators may, under Sub-Regulation (i) have fixed, any amount withheld or withdrawn from the Fund in respect of the policy shall with interest thereon at the rate provided in Regulation 11 forthwith be paid or repaid as the case may be, by the Subscriber to the Fund or in default be ordered by the Administrators to be recovered by deduction from the emoluments of the Subscriber, by instalments or otherwise.(iii)Notice of assignment of the Policy shall be given by the Subscriber to the insurance company, and the acknowledgement of the notice by the insurance company shall be sent to the Administrators within three months of the date of assignment.
