Rule 33. Terms and conditions for management of trust

(1) A Board of Trustees shall be constituted for managing the provident fund or pension fund, in accordance with the directions of the State Government or the Regional Provident Fund Commissioner.

(2) The Board shall comprise an equal number of representatives from employers and employees, as specified in the respective fund scheme.

(3) The employer shall be the Chairperson of the Board, and may exercise a casting vote in case of a tie. The Chairperson shall maintain arm’s length principles in all proceedings.

(4) The Board shall meet at least once every three months and function per guidelines issued by the State Government or the Regional Provident Fund Commissioner.

(5) The procedure for election, tenure, disqualification, quorum, record maintenance, and other related matters shall be as specified in the relevant Provident Fund or Pension Scheme.

(6) In case of dispute or doubt—

(a) interpretation of any provision of this rule shall be referred to the State Government, whose interpretation shall be final;

(b) clarifications on any other matter relating to exemptions shall be referred to the Regional Provident Fund Commissioner or other authorized officer, whose clarification shall be binding.