Section 4, Seamen's Provident Fund Act, 1966 – Vesting of Fund, etc

4. Vesting of Fund, etc

(1)

The Fund referred to in sub-section (1) of section 3 shall vest in, and be administered by, the Board constituted under section 5.

(2)

The moneys in the Fund shall be applied for—

(a)

meeting the pay and allowances of the employees of the Board and other administrative expenses of the Board;

(b)

carrying out the purposes of this Act.

(3)

All moneys in the Fund shall be deposited in [an approved bank] or be invested in such securities as may be approved by the Government.

[Explanation. —In this section, "approved bank" means the State Bank of India constituted under section 3 of the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act,1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).]

Amendment notes (2)

Subs w.e.f. 12-11-1998 . Subs. by Act 29 of 1997, s. 3, for "the State Bank of India" (w.e.f. 12-11-1998).
added w.e.f. 12-11-1998 . Explanation added by s. 3, ibid. (w.e.f. 12-11-1998).