446. Transfer of provident fund or superannuation or other similar funds to Municipalities.
(1)Where an Improvement Trust has established a provident fund or superannuation fund or any other similar fund for the benefit of its employees and constituted trust in respect thereof, the moneys standing to the credit of any such fund on the appointed day, together with any other assets belonging to such fund, shall stand transferred to and vested in the concerned Municipality in such manner, as the Government may, by notification, determine.(2)Where the moneys and other assets belonging to the trust referred to in sub-section (1), are transferred to and vested in the concerned Municipality under sub-section (1) the trustees of such trust shall, as from the date of such transfer, be discharged from the said trust, except as regards things done or omitted to be done before such transfer.
