(1)There shall be established a Fund by the name of the “Employee Provident Fund”. The following amounts shall be credited to the Fund; and expenses shall be chargeable on the Fund for all acts and activities as required to be done under this Act or the Rules framed hereunder:
(a) All amounts provided by the Government of Nepal or other persons for financial assistance to the Fund;
(b) All amounts deducted from the salary of employees and amounts added thereto by offices 26 pursuant to this Act;
(c) All amounts realized as interest and profits on and from the amounts of the Fund;
(d) All amounts credited to the civil provident fund, military monetary fund and employee provident fund in operation by the Government of Nepal prior to the commencement of this Act; and
(e) All amounts received by the Fund.
(2) 27 All amounts of the Fund shall be deposited in the Nepal Rastra Bank or any other bank specified by the Board.
Provided however that, the amounts of the Fund shall be deposited in the Land Revenue Office or Fund and Recovery Office in a place where such a bank is not available.
(3) The Fund shall be an autonomous 28 and body corporate with perpetual succession. This body shall have a separate seal of its own for all of its activities. It may sue by its name and be also sued by the same name.
(4) The Fund may, subject to this Act and the Rules framed under this Act, acquire, keep, transfer the ownership, sell and transmit 29 any movable and immovable property, and do all such other acts as may be necessary for the
accomplishment of the objects of this Act.
(5) The Head Office of the Fund shall be situated within Kathmandu Valley 30 , and the Fund may, as and when it so wishes, open branches and Sub-branches in other places of Nepal for the operation of its business smoothly.