Page 297 - DCOM404_CORPORATE_LEGAL_FRAMEWORK

Corporate Legal Framework

Notes (g) Damages to movable and immovable property of members due to a calamity of
exceptional nature;
(h) Unemployment relief to individual retrenched members;

(i) Cut in supply of electricity to the factory/establishment; and
(j) Grant of advance to members who are physically handicapped for the purchase of
equipment.

4. If there is no nominee, the amount shall be paid to the members of the family in equal
shares except:
(a) Sons who have attained majority;

(b) Sons of a deceased son who have attained majority;
(c) Married daughters whose husbands are alive;
(d) Married daughters of a deceased son whose husbands are alive.
5. The nomination form shall be filled in duplicate and one copy duly accepted by the
provident fund office will be kept by members. In case of change, a separate form for a
fresh nomination should be filled in duplicate.

6. When a member leaves service in one establishment and obtains re-employment in another
establishment, whether exempted or unexempted, in the same region or in another region,
he is required to apply for the transfer of his provident fund account to the Regional
Provident Fund Commissioner in the prescribed form. The actual transfer of the provident
fund accumulations with interest thereon takes place, in cases of:
(a) Re-employment in an establishment whether exempted or unexempted, in another
region/sub-region;

(b) Re-employment in an exempted establishment in the same region/sub-region;
(c) Leaving service in an exempted establishment and re-employment in an unexempted
establishment;

(d) Re-employment in an establishment not covered under the Act.
7. A member of the fund is entitled to get full refund of both the shares of contributions
made by him as well as by his employer with interest thereon immediately after leaving
the service.
8. After the completion of each accounting year, every member of the fund shall be supplied
with an account slip showing:
(a) The opening balance;
(b) The amount contributed during the year;
(c) The amount of interest credited or debited during the year; and

(d) Closing balance.
Errors, if any, should be brought to the notice of the Commissioner within six months.

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