Section 34 in First Statutes of the Jai Narayan Vyas University Jodhpur
34.
(1)For purposes of making payments of premiums towards an insurance policy of a subscriber withdrawals at his/her option, from Provident Fund Account shall be allowed to the extent of 75 per cent only out of the subscription of the subscriber:Provided that no amount shall be allowed to be withdrawn before the details of the proposed policy have been submitted and they are accepted as suitable:Provided further that no amount may be withdrawn to meet any payments in respect of a policy which is due for payment in whole or part before the subscribers age of normal superannuation.(2)A subscriber shall be liable to refund any amount withdrawn towards the payment of insurance premium, if the Vice-Chancellor has any reasons therefor, with interest thereon at the rate as provided under Statute 33(1 )(b) and the amount so recovered from the emoluments of the subscriber, except interest, shall be placed to the credit of the subscriber in the fund. The amount of the interest recovered shall be credited to the "Jai Narayan Vyas University, Jodhpur Contributory Provident Fund Account".(3)The University will not make any payments on behalf of the subscribers to insurance companies, or take steps to keep a policy alive.(b)It is immaterial what from the policy takes: provided that it shall be one effected by the subscriber himself/herself on his/her own life and shall unless it is a policy expressed on the face of it to be for the benefit of his wife/her husband or of his wife/her husband and children or any of them be such as may be legally assigned by the subscriber himself/herself to the University.A policy on the joint lives of the subscriber and his wife/her husband shall be a policy in the life of the subscriber himself/herself for the purpose of this sub-rule.A policy which has been assigned to the subscriber's wife/husband shall not be accepted unless either the policies first reassigned to the subscriber or both the subscriber and his wife/her husband join in an appropriate assignment.(c)The policy may not be effected for the benefit of any beneficiary other than the wife/husband of the subscriber or the wife/husband and children, or any of them.(4)(1) The policy within three months after the first withdrawal from the fund in respect of the policy or in the case of an insurance company whose headquarter is outside India, within such further period as the Registrar, if he is satisfied by the production of the completion Certificate (Interim Receipt) may fix, shall-(a)Unless it is policy express on the face of it to be for the benefit of the wife/husband of the subscriber or of his wife/her husband and children, or any of them, be assigned by an endorsement on the policy in form 1 set forth in the Schedule to the University as security for the payment on any sum which may become payable to the fund by the subscriber under Statutes 34(6), 34(8) and delivered to the Registrar.(b)If it is a policy expressed on face of it to be for the benefit of the wife/husband of the subscriber or of his wife/her husband and children or any of them, be delivered to the Registrar.(c)If the policy is not assigned and delivered, within the said period of three months or such further period as the Registrar may under clause (i) have fixed any amount withdrawn from the fund in respect of the policy shall with interest thereon at the rate as provided under Statute 33(11)(iii) (b), forthwith be paid by the subscriber to the fund or in default be ordered by the Registrar to be recovered by deduction from the emoluments of the subscriber by installments or otherwise as the Vice-Chancellor may direct.(2)The Registrar shall satisfy himself by reference to the Insurance Company where possible that no prior assignment of the Policy exist.(3)Once a policy has been accepted for the purpose of being financed from the fund the term of the policy shall not be altered.(4)Notice of Assignment of the policy shall be given by the subscriber to the Insurance Company, and the acknowledgment of the notice by the Insurance shall be sent to the Registrar within three months of the date of assignment.(5)The subscriber shall not during the currency of the policy, draw any bonus, the drawal of which during such currency is optional under the terms of the policy and the amount of any bonus, which under the terms of the policy the subscriber has no option to refrain from drawing during its currency shall be paid forthwith into the fund by the subscriber or in default recovered by deduction from his emoluments by installments or otherwise as the Syndicate may direct.(6)(1) Save as provided by clause (2) of the Statute 34(8) when the subscriber:(a)Quits the Service,or(b)proceeds on leave preparatory to retirement and applies to the Registrar for re-assignment on return of the policy,or(c)while on leave, has been permitted to retire or declared by a medical authority to be unfit for further service and applies to the Registrar for assignment on return of the policy,or(d)pays to the fund the whole or any amount from the fund for the purpose of payment of premium, the Registrar shall-(i)if the policy has been assigned to the University under Statute 34(6) re-assign the policy in form II set forth in the schedule to the subscriber and make it over to the subscriber,(ii)if the policy has been delivered to him/her under clause (l)(b) of the Statute 34(4) make over the policy to the subscriber:Provided that if the subscriber after proceeding on leave preparatory to retirement or after being while on leave; permitted to retire or declared by a medical authority to be unfit for further service returns to duty, any policy so re- assigned or made over shall if it has not matured or been assigned or charged or encumbered in any way; be again assigned to the University and delivered to the Registrar or again delivered to the Registrar, as the case may be in the manner provided in Statute 34(4) and thereupon the provisions of these Statutes shall so far as may be, again apply .in respect of the policy:Provided further that if the policy has matured or been assigned or charged or encumbered in any way, the provisions of clause 3 of Statute 34(4) applicable to a failure to assign and deliver a policy shall apply.(2)Save as provided by clause (2) of Statute 34(8) when the subscriber dies before quitting the service, the Registrar shall:(i)if the policy has been assigned to the University under Statute 34(4) assign the policy in form III set forth in the Schedule to such persons as may be legally entitled to receive it, and shall make over the policy to such person, together with a signed notice of re assignment addressed to the Insurance company,(ii)if the policy has been delivered to him under sub-clause (b) of clause 1 of Statute 34(4) make over the policy to the beneficiary, if any, or, there is no beneficiary, to such person as may be legally entitled to receive it.(7)(1) Save as provided by clause (2) of Statute 34(8) if a policy assigned to the University under Statute 34(4) mature before the subscriber quits the services and before his/her death, the Registrar shall deduct therefrom the whole or any amount withdrawn from the fund in respect of the policy with interest thereon at the rate as provided under Statute 33(11)(iii)(a) and shall place the amount so deducted to the credit of the subscriber in the fund except the interest. The balance if any, shall at the option of the subscriber be paid to the subscriber or placed to the credit of the subscriber in the fund.(2)Save as provided by clause (2) of Statute 34(8), a policy delivered to the Registrar under Clause (i) (B) of Statute 34(4) matures before the subscriber quits the service and before his/her death the Registrar shall make over the policy to the subscriber, who shall pay to the fund in respect of the policy with interest thereon at the rate allowed as provided under Statute 33(11)(iii) and in default, the provisions of clause (4) of Statute 34(4) applicable to a failure to assign and deliver a policy shall apply.(8)(i)If the policy lapses or becomes assigned, otherwise than to the University under Statute 34(4) charged or encumbered, the provisions of clause (3) of Statute 34(4) applicable to a failure to assign and deliver a policy shall apply.(ii)If the Registrar receives notice of:(a)an assignment (other than as assignment to the University under Statute 34(4), or(b)a charge or encumbrance on,(c)an order of a court restraining dealings with the policy or any amount realised thereon, the Registrar shall not-(i)assign or re assign or make over the policy as provided in Statute 34(6), or(ii)realise the amount assured by the policy or dispose of any part of any amount so realised or make over the policy as provided in Statute 34(7) but shall forthwith refer the matter to the Syndicate.No I Form of Assignment to The University
