(1)
A registered society not being an establishment to which the Payment of Gratuity Act, 1972 (Central Act 39 of 1972) applies, may provide in its bye-laws for payment of gratuity to the employees at such rates and on such conditions as may be specified in the bye-laws and such society may establish a gratuity fund or make other arrangements for the purpose.
(2)
A gratuity fund, if any, established by a registered society under sub-section (1) shall be invested in the financing bank, but shall not-