law: Life Insurance Corporation Act, 1956 
  8. Provident,
  
  superannuation and other like funds.- 
  1.     
  
    Where
  
  an insurer whose controlled business is to be transferred to and vested in the
  
  Corporation under section 7, has established a provident or superannuation fund
  
  or any other like fund for the benefit of his employees and constituted a trust
  
  in respect thereof (hereinafter in this section referred to as an existing
  
  trust), the moneys standing to the credit of any such fund on the appointed
  
  day, together with any other assets belonging to such fund, shall, subject to
  
  the provisions of sub-section (2) stand transferred to and vest in the
  
  Corporation on the appointed day free from any such trust.
  2.     
  
    Where
  
  all the employees of any such insurer do not become employees of the
  
  Corporation under section 11, the moneys and other assets belonging to any such
  
  fund as it referred to in sub-section (1), shall be apportioned between the
  
  trustees of the fund and the Corporation in the prescribed manner; and in case
  
  of any dispute regarding such apportionment, the decision of the Central
  
  Government thereon shall be final.
  3.     
  
    The
  
  Corporation shall, as soon as may be after the appointed day, constitute in
  
  respect of the moneys and other assets which are transferred to and vested in
  
  it under this section, one or more trusts having objects as similar to the
  
  objects of the existing trusts as in the circumstances may be practicable.
  4.     
  
    Where
  
  all the moneys and other assets belonging to an existing trust are transferred
  
  to and vested in the Corporation under this section, the trustees of such
  
  trust, except as respects things done or omitted to be done before the
  
  appointed day.