16. Payment from the fund on cessation or suspension of practice.-- (1) A member of the Fund shall, [on cessation of practice or suspension of practice] be entitled to receive from and out of the Fund an amount at the rate specified in the Schedule:
[Provided that a member, who completes thirty five years of practice at the Bar and opts for Retirement Benefits, be entitled to receive half of the existing Death Benefit amount towards Retirement Benefit.]
[(2) In the event of death of a member, a consolidated amount as determined by the Welfare Fund Committee in the manner prescribed shall be paid to the nominee or, where there is no nominee, to his dependents.]
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(3) 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.
Provided that a member suffering from permanent disablement shall be allowed to retire within five years of his admission to the Fund.
(4) 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.
(5) [xxx]
(6) An application for payment form the Fund shall be preferred to the committee in such form as may be prescribed.
(7) An application received under sub-section (6), shall be disposed of by the committee after such enquiry as it deems necessary.