s 24 Establishment of Employees Provident Fund
(1) For the purpose of this Act there shall be established a fund to be called the “Employees Provident Fund”, into which shall be paid— (a) all contributions required to be made under this Act; (b) money earned by carrying out any project, scheme or enterprise financed from the Fund; (c) moneys earned or arising from any property, investments, mortgages, charges or debentures acquired by or vested in the Board; and (d) all other sums or property which may in any manner become payable to or vested in the Board in respect of any matter incidental to its powers and duties. (2) The Fund shall be expended for the purpose of— (a) meeting all payments required to be made under this Act; (b) investment under this Act; (c) granting of loans and making of advances to officers and servants of the Board; (d) paying, any expenses lawfully incurred by the Board including survey or legal fees and costs or any other fees and costs under section 14 and, the remuneration of officers and servants appointed and employed by the Board including superannuation allowances, pensions or gratuity; (e) paying any other expenses, costs or expenditure properly incurred or accepted by the Board in the execution of its powers and the carrying out of its duties; (f) repaying any moneys borrowed under this Act if any, and the interest due thereon; and (g) generally paying any expenses for carrying into effect the provisions of this Act and in connection with the administration of the Fund.