27.
| (1) Where a provident fund or a contributory pension scheme has been established before the appointed date for the benefit of any employees in a covered employment, the administrators of such fund or scheme shall, within three months after the declaration of that employment as a covered employment by regulation made under this Act, furnish the Commissioner with the prescribed particulars relating to such fund or scheme, and, if the Commissioner, after examining such particulars and making such investigations as he may deem necessary, is of the opinion that such fund or scheme satisfies the prescribed requirements and that it is expedient that such fund or scheme should be declared to be an approved provident fund or an approved contributory pension scheme, he shall declare such fund or scheme to be an approved provident fund or an approved contributory pension scheme; and, if he so declares, no contributions shall, with effect from the date fixed in relation to such fund or scheme, be payable to the Fund by such employees and the employer of such employees. |
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| (2) The employer in a covered employment who proposes to establish, after the appointed date, a provident fund for the employees in such employment shall furnish the Commissioner with the prescribed particulars relating to the proposed provident fund, and, if after examining such particulars and making such investigations as he may deem necessary, the Commissioner is of opinion that the proposed provident fund satisfies the prescribed requirements and that it is expedient that such fund should be declared to be an approved provident fund, the Commissioner shall declare the proposed provident fund to be an approved provident fund; and, if he so declares and the provident fund is established, contributions to the Employees' Provident Fund shall, with effect from the date fixed in relation to such approved provident fund by the Commissioner, cease to be payable by such employees and such employer. |
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| (3) No rules or regulations governing an approved provident fund or an approved contributory pension scheme shall be altered except with the written sanction of the Commissioner, and, where there is a contravention of the provisions of this subsection, the administrators of such fund or scheme shall be deemed to have committed such contravention. |
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| (4) Every employer and employee who are liable to contribute to an approved provident fund or an approved contributory pension scheme under the rules or regulations In force for that fund or scheme shall comply with such of those rules or regulations as are applicable to them. |
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| (5) Where, either by reason of the fact that an employee liable to pay contributions under this Act to the Employees' Provident Fund takes up an employment In respect of which an approved provident fund or an approved contributory pension scheme exists or in the circumstances specified in subsection (2) of this section, contributions in respect of an employee cease to be payable to the Employees' Provident Fund, the amount standing to the credit of his individual account in the Employees' Provident Fund shall be retained in that account to be disposed of in accordance with the provisions of Part III of this Act. |
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| (6) Where an approved provident fund is wound up, the administrators or liquidators of that approved provident fund shall transfer to the Employees' Provident Fund all such contributions and interest thereon as have been paid to that approved provident fund. |
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| (7) Where an employee who is a contributor to an approved provident fund leaves the employment by virtue of which he has been such contributor, takes up a covered employment thereafter in respect of which he is not liable to contribute to any other approved provident fund and notifies to the Commissioner in writing the assumption of duties in such covered employment, the Commissioner shall in writing direct the administrators of the first-mentioned approved provident fund to transfer to the Employees' Provident Fund all such contributions and interest thereon as have been paid in respect of that employee to the first-mentioned approved provident fund. |
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| (8) Where the administrators of a provident fund or contributory pension scheme referred to in subsection (1) of this section fail to comply with the provisions of that subsection or where such fund or scheme is not declared by the Commissioner to be an approved provident fund or an approved contributory pension scheme, such administrators shall transfer to the Fund all such contributions and interest thereon as have been paid in respect of employees to the first-mentioned provident fund or pension scheme. |
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| (9) The Monetary Board-
| | (a) shall, where a sum from an approved provident fund is transferred under subsection (6) of this section to the Employees' Provident Fund, open an individual account in the Employees' Provident Fund for each of the employees who were contributors to that approved provident fund at the time of such transfer, and shall credit to the individual account of each such employee in the Employees' Provident Fund such part of the sum transferred to the Employees' Provident Fund as was to the credit of his account in that approved provident fund, and | | |
| | (b) shall open an individual account in the Employees' Provident Fund for every employee in respect of whom any sum is transferred under subsection (7) or subsection (8) of this section to the Employees' Provident Fund and shall credit that sum to that individual account. | | |
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| (10) Where the Commissioner is dissatisfied with the management of any approved provident fund or approved contributory pension scheme, he may revoke the declaration made under subsection (1) or sub section (2) of this section in respect of that fund or scheme, and, if such declaration is revoked, he shall in writing-
| | (a) communicate the revocation to the administrators of that fund or scheme, and | | |
| | (b) direct those administrators to transfer to the Employees' Provident Fund all such contributions and interest thereon as have been paid to that fund or scheme, | | |
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| (11) The Monetary Board shall, where the administrators of an approved provident fund or approved contributory pension scheme have complied with a direction issued by the Commissioner under subsection (10) of this section, open an individual account in the Employees' Provident Fund for each employee who was a contributor to that approved provident fund or approved contributory pension scheme when such administrators complied with such direction, and shall credit to that individual account such part of the sum transferred from that approved provident fund or approved contributory pension scheme to the Employees' Provident Fund in compliance with the Commissioner's direction as was to the credit of that employee's account in that approved provident fund or approved contributory pension scheme. |
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Sri Lanka Consolidated Acts