(1) Payment towards premium of policy of insurance on the life of the subscriber or of his wife : Provided that the policy is assigned in favc?ur of .the Corporation and deposited within 6 months with the commitee gnd the premia receipts granted by the insurance Company are produced for inspection from time to time.
Provided further that the number of policies in respect of which the facility referred to above is allowed will not exceed four at a time and premia shall not be Payable otherwise than annually.
NOTE : The amount withdrawn shall be paid in whole rupees rounded to the Nearest rupee, fifty paise and above being rounded to the next higher rupee.
14, INTEREST TO CEASE ON TERMINATION OF SERVICE OR DEATHd.?;
SUBSCRIBER : Interest on all sums standing in the books of the fund to the cred!
asubscriber shall cease on the day on which he leaves the service of the Corporation or the day of his death whichever is earlier.
ER :
15. PAYMENT OF AMOUNT OUTSTANDING TO CREDIT OF SUBSCRIB i anding to
(1) Subject to the provisions of Sub-regulations (2) and (3) SfL'J:; Zterviceg ol € credit of a subscriber shall become payable on the termination O
(77) Scanned by CamScanner on his retirement or on his death.
(2) Subject to the directions of the Committee, the whole or any part of the amount of the employer’s contribution together with interest credited in respect thereof may be deducted from the total amount standing to the credit of a subscriber an(j paid to the Corporation which would constitute income of the Corporation and taken in its hand where :- (@) the subscriber is dismissed or removed from employment in pursuance of disciplinary proceeding taken against him, or
(b) the subscriber voluntarily leaves his employment otherwise than on account of ill-health or other unavoidable causes before the expiration of the term of his service or within five years of the completion of his period of probation, as the case may be.
(8) The employers’ share, together with interest credited in respect thereof, shall not be payable except with the approval of the committee.
16. NOMINATIONS : (1) Every subscriber shall, at the time of joining the fund send to the Head Office of the Corporation a nomination conferring, in the event of his death, on one or more persons the right to receive the amount that may stand to his credit in the fund.
Provided that, if at the time of making the nomination, the subscriber has a family, the nomination shall not be in favour of any person or persons other than the members of his family.
(2) If a subscriber nominates more than one person under sub regulation
(1), he shall specify in the nomination the percentage of share payable to each of the nominees in such manner as to cover the whole of the amount that may stand to his credit in the fund at any time.
(8) Every nomination shall be made in such one of the Forms annexed to these regulations Appendix IV (a) & (b) as is appropriate in the circumstances.
(4) Asubscriber may at any time cancel a nomination by sending a notice in writing to the Head Office of the Corporation :
Provided that the subscriber shall, alongwith such notice, send a fresh nomination made in accordance with the provisions of this regulation.
(5) A subscriber may provide in a nomination :- (@) in respect of any specified nominee, that in the event of his predeceasing the subscriber, the right conferred upon that nominees shall pass to such other person or persons as may be specified in the nomination provided that such other person or persons shall, it the subscriber has other members of his family, be such other member or members.
(b) that the nomination shall become invalid in the event of the
(78) - Scanned by CamScanner happening of a contin gency specified therein provided that if at the time of making the nomination the subscriber has no family, he ide in the nomination that it shall become invalid in the event of his subsequently acquiring a family;
Provided further that if at the time of making the nomination, the subscriber has only one member of the family he shall provide in the nomination that right conferred upon the alternate nominee under clause (a) shall become invalid in the event of his subsequently acquiring other member or members of his family.
(6) Immediately on the death of provision has been made in the nominati
(7) Every nomination made and every notice of cancellation given by a subscriber shall to the extent it is valid, take effect on the date on which it is received by the Head Office of the Corporation.