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The ESSO Undertakings Acquisition Act, 1975

( ACT NO. XVI OF 1975 )

Transfer of moneys etc., of the officers and other employees of ESSO
7. (1) The moneys and other assets relating to the officers and employees referred to in sub-section (1) of section 6 shall, out of the moneys standing immediately before the appointed day to the credit of any provident, superannuation, welfare and other fund established by ESSO for the benefit of the persons employed by it for the purpose of, or in relation to, ESSO undertakings, stand transferred to, and vest in, the Government free from any trust that might have been constituted by ESSO in respect thereof.
(2) In respect of moneys and other assets transferred to, and vested in it, under sub-section (1), the Government shall, as soon as may be, constitute one or more trusts having objects as similar to the objects of the trusts referred to in that sub-section as in the circumstances may be practicable so that the rights and interests of the beneficiaries of such trusts are not in any way prejudiced or diminished.
(3) Where all the moneys and other assets belonging to any trust are transferred to, and vested in, the Government, the trustees of such trust shall, on the date of such transfer and vesting, stand discharged from the trust except as regards things done or omitted to be done before such date.

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