Payment from the Fund on cessation of membership

§13

Summary

1[(1) In the event of a death of member, his nominee or where there is no nominee, his legal heirs shall be paid from the Fund an amount calculated at the rate of rupees five thousand per annum for every completed year of his membership which shall not be less than rupees twenty five thousand and more than rupees one lakh fifty thousand. Provided that in case of death of a member on completion of thirty years of membership, his nominee or legal heirs shall be paid rupees five lakhs in one lump-sum in the manner prescribed by the State Government. (2) A member shall on ceasing to be a member under clause (b), (c) or (d) of sub-section (1) of section 12, shall be paid from the Fund, (i) if he resigns after twelve years and before twenty five completed years of his membership, an amount calculated at the rate of two thousand rupees per annum for every completed year of membership; (ii) if he resigns after twenty five completed years of his membership, an amount calculated at the rate of five thousand rupees per annum for every completed year of membership subject to a maximum of rupees one lakh fifty thousand; Provided that if he resigns after thirty completed years of his membership, such member shall be paid rupees five lakhs in one lump sum in the manner prescribed by the State Government. (iii) if he ceases to be such member due to any other cause not covered by sub-section (1) or sub-section (2), an amount equal to the aggregate of his subscription paid by him and simple interest thereon at such rate as the Trustees Committee may, from time to time, fix.] (3) For a calculating the completed years of membership for the purposes of this section, every five years of practice at bar, if any, before admission of a member to the scheme shall be completed as one year of membership of the Scheme.]

1[(1) In the event of a death of member, his nominee or where there is no nominee, his legal heirs shall be paid from the Fund an amount calculated at the rate of rupees five thousand per annum for every completed year of his membership which shall not be less than rupees twenty five thousand and more than rupees one lakh fifty thousand. Provided that in case of death of a member on completion of thirty years of membership, his nominee or legal heirs shall be paid rupees five lakhs in one lump-sum in the manner prescribed by the State Government. (2) A member shall on ceasing to be a member under clause (b), (c) or (d) of sub-section (1) of section 12, shall be paid from the Fund, (i) if he resigns after twelve years and before twenty five completed years of his membership, an amount calculated at the rate of two thousand rupees per annum for every completed year of membership; (ii) if he resigns after twenty five completed years of his membership, an amount calculated at the rate of five thousand rupees per annum for every completed year of membership subject to a maximum of rupees one lakh fifty thousand; Provided that if he resigns after thirty completed years of his membership, such member shall be paid rupees five lakhs in one lump sum in the manner prescribed by the State Government. (iii) if he ceases to be such member due to any other cause not covered by sub-section (1) or sub-section (2), an amount equal to the aggregate of his subscription paid by him and simple interest thereon at such rate as the Trustees Committee may, from time to time, fix.] (3) For a calculating the completed years of membership for the purposes of this section, every five years of practice at bar, if any, before admission of a member to the scheme shall be completed as one year of membership of the Scheme.]

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