Contributory Provident Fund

<span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(1) A co-operative society having such number or class of employees as may be prescribed, shall establish a contributory provident fund for the benefit of such employees to which shall be credited all contributions made by the employees and the society in accordance with the bye-laws of the society. <br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(2) A contributory provident fund, established by a co-operative society under sub-section (1) shall not- <br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(a) be used in the business of the society ; <br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(b) form part of the assets of the society ; <br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(c) be liable to attachment or be subject to any other process of any court or other authority ; and <br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(d) be subject to a charge or liable to be set off towards payment of any debt or outstanding demand owing to a co-operative society under section 41.<br>