Section 4(17) in Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India Scheme, 2020
(17)The trustees or administrators of any provident fund, gratuity, pension fund and such other funds constituted for the employees of the Transferor Banks, shall on, or as soon as possible after, the commencement of this Scheme, transfer to the trustees of the employees provident fund, gratuity, pension fund and any other fund, constituted for the Transferee Bank or otherwise as the Transferee Bank may direct, all monies and investments held in trust for the benefit of the employees of the Transferor Banks and any income tax or other tax exemption granted to the provident fund or the gratuity fund or the pension fund or any other funds of Transferor Banks, if any, shall continue to be applied to the Transferee Bank:Provided that such latter trustees of Transferee bank shall not be liable for deficiency in the value of investments or in respect of any act, neglect or default done before the commencement of this Scheme.
