(1)The University shall constitute for the benefit of its officers, teachers and servants such 5[pension or provident funds or provide such insurance schemes] as it it may deem fit in such manner and subject to such conditions as may be prescribed by the Statutes.
(2)Where such provident or pension fund has been so constituted, the 6[Central Government] may declare 7that the provisions of the Provident Funds Act, 8[1925] (19 of 1925), shall apply to such fund, as as if it were a Government provident fund.