Payment from the Fund on cessation of practice.

§17

Summary

(1) A member of the Fund shall, on cessation of practice be entitled to receive from out of the Fund an amount at the rate specified in the Schedule : 1* * * 2[(2) (a) A member of the Fund shall be eligible and entitled for the retirement benefits at any time after completion of fifteen years from the date of his admission as a member of the Fund, of the amount as mentioned in the Schedule. (b) If any member opts for retirement benefits at any time before the completion of fifteen years from the date of his admission as a member of the Fund, then he shall be entitled only to a refund of the amount which he has paid as subscription with the Trustee Committee together with the interest at the rate of 6 per cent. per annum from the date of payment till the date of his retirement from the Fund. (c) Member suffering from permanent disablement resulting in permanent cessation of practice shall be allowed to retire at any time before completion of fifteen years of his membership of the Fund and shall be entitled to receive the amount as mentioned in the Schedule. (3) In case a member of the Fund dies within a period of fifteen years of his admission to the fund, his nominee or legal heir, as the case may be, shall be entitled to get an amount at the rate mentioned in the Schedule. (4) After the commencement of the Amendment Act, if the existing members of the Fund does not pay in lump sum or in instalments his dues or balance of his subscription calculated on the basis of revised rate of one time payable subscription in the manner provided in sub-section (5) of section 16 and he fails to pay the penalty under sub-section (6) of section 16, then he shall be deemed to have been retired from the Fund on the date of commencement of the said Amendment Act; and in case of such deemed retirement,- (i) such member shall be entitled to; or (ii) in case of death of such member, his nominees, heir or family members shall be entitled to, the benefits as provided by the provisions of the Schedule appended to this Act as existing prior to the commencement of the said Amendment Act.] 3* * * (6) An application for payment from the Fund shall be preferred to the Trustee Committee in such form as may be prescribed. 4* ** (8) An application received under sub-section (6) 5* * * shall be disposed of by the Trustee Committee after such enquiry as it deems necessary 6[within a period of three months from the date of receipt of said application and the refund, if any, shall be given as early as possible].

(1) A member of the Fund shall, on cessation of practice be entitled to receive from out of the Fund an amount at the rate specified in the Schedule : 1* * * 2[(2) (a) A member of the Fund shall be eligible and entitled for the retirement benefits at any time after completion of fifteen years from the date of his admission as a member of the Fund, of the amount as mentioned in the Schedule. (b) If any member opts for retirement benefits at any time before the completion of fifteen years from the date of his admission as a member of the Fund, then he shall be entitled only to a refund of the amount which he has paid as subscription with the Trustee Committee together with the interest at the rate of 6 per cent. per annum from the date of payment till the date of his retirement from the Fund. (c) Member suffering from permanent disablement resulting in permanent cessation of practice shall be allowed to retire at any time before completion of fifteen years of his membership of the Fund and shall be entitled to receive the amount as mentioned in the Schedule. (3) In case a member of the Fund dies within a period of fifteen years of his admission to the fund, his nominee or legal heir, as the case may be, shall be entitled to get an amount at the rate mentioned in the Schedule. (4) After the commencement of the Amendment Act, if the existing members of the Fund does not pay in lump sum or in instalments his dues or balance of his subscription calculated on the basis of revised rate of one time payable subscription in the manner provided in sub-section (5) of section 16 and he fails to pay the penalty under sub-section (6) of section 16, then he shall be deemed to have been retired from the Fund on the date of commencement of the said Amendment Act; and in case of such deemed retirement,- (i) such member shall be entitled to; or (ii) in case of death of such member, his nominees, heir or family members shall be entitled to, the benefits as provided by the provisions of the Schedule appended to this Act as existing prior to the commencement of the said Amendment Act.] 3* * * (6) An application for payment from the Fund shall be preferred to the Trustee Committee in such form as may be prescribed. 4* ** (8) An application received under sub-section (6) 5* * * shall be disposed of by the Trustee Committee after such enquiry as it deems necessary 6[within a period of three months from the date of receipt of said application and the refund, if any, shall be given as early as possible].

← Previous Section Next Section →

Explore this Chapter