Section 53A
of Employees Provident Fund Act 1991
Section 53A
Notwithstanding section 51, when an order is issued by a court that part of the sums of money standing to the credit of a member of the Fund is matrimonial asset, the Board may, after being served with the sealed order, transfer the sum of money as ordered by the court from the account of a member of the Fund into the account of the receiver named in the order subject to any terms and conditions as prescribed by the Board.
(2)
The Board shall postpone such transfer under subsection (1) if an order, appeal or any process of court proceedings which prevents the execution of the order under subsection (1) is served on the Board.
(3)
Notwithstanding subsections (1) and (2), the transfer of credit from the account of a member of the Fund into the account of the receiver named in the order is subject to the amount standing to the credit of such member of the Fund at the date of the transfer is made.
Employees Provident Fund 65
(4)
For the purpose of subsection (3), “the date of the transfer”
means the date on which the sums of money is debited from the account of a member of the Fund.