(1)The University shall constitute for the benefit of its officers, teachers and servants such [pension or provident funds or for provide such insurance schemes] [ Subs.by Act 62 of 1951, s.27, for " provident and pension funds" ] as it may deem fit in such manner and subject to such conditions as may be prescribed by the Statutes.(2)Where such provident or pension fund has been so constituted, the Central Government may declare that the provisions of the Provident Funds Act, [1925 (19 of 1925)] [ {Substituted by Act 62 of 1951, s.27, for " 1897" ], shall apply to such fund, as if it were a Government provident fund.
