(1)
A registered society not being an establishment to which the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (Central Act XIX of 1952) applies, may establish a provident fund for the benefit of its employees to which shall be credited all contributions made by the employees and the society in accordance with the bye-laws.
(2)
A provident fund established by a registered society under sub-section (1) shall be invested in the financing bank, but shall not-