Vesting and application of Fund

The Fund shall vest in and be held by the committee in such manner as may be prescribed and, subject to the provisions of this Act and the rules made thereunder, be utilised only for the purposes of granting pension benefits and other benefits. Every applicant shall pay to the Fund an admission fee of two hundred and fifty rupees at the time of admission in such manner as may be prescribed. Every member of the Fund shall pay to the Fund an annual subscription of one thousand two hundred rupees and if it is paid in lump sum, shall be paid on or before 30th June of every year and, if not, shall be paid in three equal instalments on or before 30th June, 30th September and 31st December respectively: Provided that the members who fail to remit the annual subscription in lump sum or in instalments within the specified time limit as aforesaid, shall remit such arrears with interest at twelve per cent on or before 31st December. Every existing member shall remit the arrears of the annual subscription due for the period from the 1st day of April, 2004 to the 26th day of November, 2010, the date on which the Kerala Advocates' Clerks Welfare Fund (Amendment) Ordinance, 2010 (57 of 2010), was published in the gazette in three equal instalments, before 31st December, 2010, 30th June, 2011 and 31st December, 2011, respectively: Provided that those who fail to remit any instalment on 31st December, 2011 shall remit such arrears with twelve per cent interest in equal instalments not exceeding six before 30th September, 2012. Any member of the Fund who fails to remit the annual subscriptionfor a year before 31st December of that year shall be liable to be removed from the membership of the Fund. A person removed from the membership of the Fund under sub-section (6) shall be re-admitted to the Fund on payment of the arrears with interest at twelve per cent per annum within six months from the date of such removal. Every member of the Fund shall, at the time of admission, make a nomination conferring on one or more dependents the right to receive the amount from the Fund in the event of his death. If more than one person is nominated, the amount or share payable to each nominee shall be specified in the nomination. A member of the Fund may at any time cancel a nomination by sending a notice in writing to the Committee along with a fresh nomination. Where on receipt of a complaint or otherwise, the Committee has reason to believe that an Advocates' Clerk secured admission as a member of the Fund by misrepresentation, fraud or undue influence, it shall be competent for the committee to remove the name of such Advocates' Clerk from the membership of the Fund: Provided that no order under this sub-section shall be passed unless the person likely to be adversely affected has been given an opportunity of being heard.