56. (1) The University shall, in such manner and subject to such condition as may be prescribed by the Statutes and the University Ordinances, constitute for the benefit of its employees, such pension, group insurance, benevolent fund, provident fund or gratuity as it may deem fit. (2) Where any provident fund has been constituted, the Government may declare that the provisions of the Provident Fund Act, 1925 (XIX of 1925), shall apply to such funds as if it were a Government Provident Fund.