Social Security Organisations may hold, invest, raise loans and create staff benefit funds subject to government conditions. Section 120 authorises a Social Security Organisation (except Corporations), subject to conditions prescribed by the appropriate Government, to acquire, ... Summary
Social Security Organisations may hold, invest, raise loans and create staff benefit funds subject to government conditions.
Section 120 authorises a Social Security Organisation (except Corporations), subject to conditions prescribed by the appropriate Government, to acquire, hold, sell or transfer movable and immovable property and to do all things necessary for those purposes. It permits investment, reinvestment or realisation of monies not immediately required, with Provident, Pension and Insurance Fund investments governed by their respective Schemes. With prior sanction of the appropriate Government and on prescribed terms, such Organisations may raise loans and constitute provident or other benefit funds for officers and staff, with specific terms for Central Board officers set out in the Provident Fund Scheme.
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