118. Nothing in this Act shall apply to any Trade Union registered under the ¹[Industrial Relations Ordinance, 1969] or to any insurance business carried on by the Government, or to any provident fund to which the provisions of the Provident Funds Act, 1925, apply, or, if the Chief Controller of Insurance so orders in any case, and to such extent or subject to such conditions or modifications as he specifies in such order, to-(a) any fund in existence and officially recognised by the Government before the 27th day of January, 1937, maintained by or on behalf of Government servants or Government pensioners for the mutual benefit of contributors to the fund and of their dependents, or(b) any mutual or provident insurance society composed wholly of Government servants or of railway servants which has been exempted from any or all of the provisions of the Provident Insurance Societies Act, 1912.