(1) If the amount to be provided by the employer to the contributor according to the prevailing law or any amount to be given according to the order of the court is not received by the concerned contributor or the person desired by him or his dependent family even after five years, the concerned employer or institution or agency shall deposit such amount in the fund within one month.
(2) The amount received according to sub-section (1) shall be opened and deposited by the fund in a bank or financial institution of category "A" licensed to conduct financial transactions in accordance with the prevailing law on banks and financial institutions.
(3) The amount collected according to sub-section (1) will be used as prescribed.