(1)

The Institute shall constitute for the benefit of its officers, teachers and other employees in such manner and subject to such conditions as may be prescribed by regulations, such pension and provident funds as it may deem fit.

(2)

Where any such pension or provident fund has been constituted, the Central Government may declare that the provisions of the provident Funds Act, 1925 (19 of 1925), shall apply to such fund as if it were a Government provident fund.