The [* * *] Railway Servants Group Insurance Fund
9. (1) There shall be established a fund to be called the [* * *] Railway Servants Group Insurance Fund which shall vest in and be held and administered by the Board.
(2) All sums received from the Railway Servants as premia for group insurance of the Railway Servants and any interest or profit accruing thereon shall be credited to the Insurance Fund.
(3) The moneys credited to the Insurance Fund shall be kept in such bank as may be prescribed.
(4) All expenses on any arrangement entered into by the Board with any insurance company or other insurer and all expenses on the administration of the Insurance Fund shall be defrayed from the Insurance Fund.
(5) Any sums remaining in the Insurance Fund after defraying the expenses referred to in sub-section (4) may be utilised for such purposes connected with the benefit of the families of the Railway Servants as may be prescribed.
Copyright © 2019, Legislative and Parliamentary Affairs Division
Ministry of Law, Justice and Parliamentary Affairs