49. Investment of contributions

49. Investment of contributions.—

(1) Where the employer is not a company as defined in section 2(2) of the Companies Act, 1913 (VII of 1913), the contributions made by employees after the date of recognition of a provident fund and the interest on the accumulated balance of such contributions shall be wholly invested either in securities of the nature specified in clauses (a), (c), (d) or (f) of section 20 of the Trusts Act, 1882 (II of 1882), and payable both in respect of capital and interest in Bangladesh or in a Post Office Savings Bank Account in Bangladesh.

(2) Where the employer is a company as defined to section 2(2) of the Companies Act, 1913 (VII of 1913), all movies contributed to a provident fund (whether by the company or by the employees) or accruing by way of interest or otherwise to such fund shall be wholly invested in accordance with the provisions of section 282B(2) of the Companies Act, 1913 (VII of 1913), so that the securities in which the contributions made by employees after the date of recognition of a provident fund and the interest on the accumulated balance of such contributions are invested are payable both in respect of capital and interest in Bangladesh.

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