Section 9 in The Pension Fund Regulatory and Development Authority Act, 2013

Title: Meetings of Authority

Description: (1) The Authority shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings (including quorum at such meetings) as may be provided by regulations. (2) The Chairperson or, if for any reason, he is unable to attend a meeting of the Authority, any other member chosen by the members present from amongst themselves at the meeting, shall preside at the meeting. (3) All questions which come up before any meeting of the Authority shall be decided by a majority of votes by the members present and voting, and in the event of an equality of votes, the Chairperson or in his absence, the person presiding shall have a second or casting vote. (4) If any member, who is a director of a company and who as such director, has any direct or indirect pecuniary interest in any matter coming up for consideration at a meeting of the Authority, he shall, as soon as possible after relevant circumstances have come to his knowledge, disclose the nature of his interest at such meeting and such disclosure shall be recorded in the proceedings of the Authority, and the member shall not take part in any deliberation or decision of the Authority with respect to that matter.

Title: Vacancies, etc., not to invalidate proceedings of Authority.

Description: No act or proceeding of the Authority shall be invalid merely by reason of— (a) any vacancy in, or any defect in the constitution of, the Authority; or (b) any defect in the appointment of a person acting as a member of the Authority; or (c) any irregularity in the procedure of the Authority not affecting the merits of the case.

Title: Officers and employees of Authority.

Description: (1)The Authority may appoint such officers and other employees as it considers necessary for the efficient discharge of its functions under this Act. (2) The terms and other conditions of service of officers and other employees of the Authority appointed under sub-section (1) shall be such as may be determined by regulations.

Title: Extent and application.

Description: (1) This Act shall apply to— (a) the National Pension System; (b) any other pension scheme not regulated by any other enactment. (2) Every pension scheme referred to in clause (b) shall conform to the regulations made by the Authority within such time as may be specified in the regulations. (3) Notwithstanding anything contained in sub-section (1), the provisions of this Act shall not apply to— (a) the schemes or funds under— (i) the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948 (46 of 1948); (ii) the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952); (iii) the Seamen's Provident Fund Act, 1966 (4 of 1966); (iv) the Assam Tea Plantations Provident Fund and Pension Fund Scheme Act, 1955 (Assam Act X of 1955); and (v) the Jammu and Kashmir Employees' Provident Funds Act, 1961 (Jammu and Kashmir Act XV of 1961); (b) contracts referred to in sub-section (11) of section 2 of the Insurance Act, 1938 (4 of 1938); (c) any other pension scheme, which the Central Government may, by notification, exempt from the application of this Act; (d) persons appointed before the 1st day of January, 2004 to public services in connection with the affairs of the Union, or to All-India Services constituted under section 2A of the All-India Services Act, 1951 (61 of 1951); (e) persons appointed to public services in connection with the affairs of any State, or such Union territories as may be specified by notification by the Central Government. (4) Notwithstanding anything contained in sub-section (3), any State Government or administrator of a Union territory may, by notification, extend the National Pension System to its employees. (5) Notwithstanding anything contained in clause (c) of sub-section (3), the Central Government may, by notification, extend the application of this Act to any other pension scheme including any other pension scheme exempted and notified under clause (c) of sub-section (3). (6) Any person governed under any of the schemes or funds referred to in sub-section (3) may, at his option, also join the National Pension System.

Title: Transfer of assets, liabilities, etc., of Interim Pension Fund Regulatory and Development Authority.

Description: On and from the date of establishment of the Pension Fund Regulatory and Development Authority,-- (a) all the assets and liabilities of the Interim Pension Fund Regulatory and Development Authority shall stand transferred to, and vested in, the Authority. Explanation.--The assets of the Interim Pension Fund Regulatory and Development Authority shall be deemed to include all rights and powers, all properties, whether movable or immovable, including, in particular, cash balances, deposits and all other interests and rights in, or arising out of, such properties as may be in the possession of the Interim Pension Fund Regulatory and Development Authority and all books of account and other documents relating to the same; and liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind; (b) without prejudice to the provisions of clause (a), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Interim Pension Fund Regulatory and Development Authority immediately before that day, for or in connection with the purpose of the said Regulatory Authority, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the Authority; (c) all sums of money due to the Interim Pension Fund Regulatory and Development Authority immediately before that day shall be deemed to be due to the Authority; and (d) all suits and other legal proceedings instituted or which could have been instituted by or against the Interim Pension Fund Regulatory and Development Authority immediately before that day may be continued or may be instituted by or against the Authority.