(1) Every member of the Fund shall, at the time of admission to the membership of the Fund, make a nomination appointing a nominee in the prescribed manner.
(2) A member may at any time cancel such nomination by sending a notice in writing to the Board, provided that the member shall, alongwith such notice, send a fresh nomination.
(3) Every member who voluntarily suspends practice or ceases to practice or retires shall, within sixty days of such suspension, cessation or retirement, as the case may be, intimate that fact to the Board.
(2) Payment of retirement benefit from Fund.– (1) A member of the Fund shall, on cessation of practice, be entitled to receive from and out of the Fund an amount at the rate specified in the Schedule.
(3) For calculating the period of completed years of practice for the purpose of payment under this Act, every four years of practice at the Bar, if any, before the admission of a member to the Fund shall be computed as one year of practice and added on to the number of years of practice after such admission:
Provided that in computing the period of practice the period of suspension of practice, either voluntary or otherwise, shall be excluded:
Provided further that in the case of a person who resumes practice after being in Government Service or in any other employment, the period of practice counted for retirement benefit or other service benefits therein, if any, shall not be taken into account:
(4) In the event of death of a member, the amount shall be paid to his nominee, or, where there is no nominee, to his legal heirs:
Provided that the Board may call for a succession certificate if circumstances so demand.
(5) A member of the Fund may opt for retirement benefits at any time after five years of his admission as a member of the Fund, but he shall be eligible for re-admission to the Fund as a new member subject to such conditions as may be prescribed.
(6) An application for payment from the Fund shall be preferred to the Board in the prescribed form.
(7) An application received under sub-section (5) shall be disposed of by the Board after such inquiry as it deems necessary.
CHAPTER V Collection by way of affixing welfare stamp