Section 11: Provident Fund

11. Provident Fund.—(1) The moneys and investments in the provident fund established by Esso for the benefit of the persons employed by it in Pakistan shall, on the commencing day, stand transferred to and vest in the Federal Government free from any trust that may have been constituted by Esso in respect thereof, and the trustees of the provident fund shall, as from the commencing day, stand discharged from the trust, expect as respects things done or omitted to be done before the commencing day. (2) The Federal Government shall cause the firm of chartered accountants in Pakistan agreed with Esso to determine as of the day immediately preceding the commencing day the contributions to the provident fund of such officers and other employees of Esso as are excepted under sub-section (1) of section 10 by agreement between the Federal Government and Esso and the contributions of Esso to the provident fund in respect of such officers and employees, and the interest due on all such contributions, and within thirty days of the commencing day the Federal Government shall— (a) pay to the new trustees of the provident fund to be appointed by Esso the amount of all such contributions and interest; and (b) pay and transfer the balance of the moneys and investment then remaining to the trustees of the trust or trusts referred to in sub-section (3). (3) The Federal Government shall, as soon as may be after the commencing day, constitute, in respect of the balance of moneys and investments referred to in clause (b) of sub-section (2) one or more trusts having such objects as in the circumstances may be practicable so, however, that the rights and interests of the beneficiaries under the trust created by Esso are not in any way prejudiced or diminished: Provided that the Federal Government may not constitute any new trust if a suitable trust already exists for the benefit of the officers and employees for whose benefit a trust is to be created and may transfer the balance of the said moneys and investments to the existing trust. (4) The Federal Government may, by order, vest in the trustees of the trust or trusts referred to in sub-section (3) all collateral securities assigned to the trustees of the provident fund mentioned in sub-section (1) by officers or employees whose services stand transferred to the Federal Government under subsection (1) of section 10.

Effective date: 1976-01-01

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