In section 417 of the principal Act,-
(a) for sub-section (1), the following sub-section shall be substituted, namely:-
"(1) Any money or security deposited with a company by any of its employee in pursuance of his contract of service with the company shall be kept or deposited by the company within fifteen days from the date of deposit-
(a) in a post office savings bank account, or
(b) in a special account to be opened by the company for the purpose in the State Bank of India or in a Scheduled Bank, or
(c) where the company itself is a Scheduled bank, in a special account to be opened by the company for the purpose wither in itself or in the State bank of India or in any other Scheduled Bank.";
(b) in sub-section (3), the words "with a Scheduled bank' shall be omitted.
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