(d)The Vice-Chancellor shall be entitled to earned leave on full pay at one- eleventh of the periods spent by him on active service: Provided that when the earned leave applied for by the Vice-chancellor, in sufficient time before that date of expiry of the term of his office, is refused by the Chancellor in the interest of the University and if he does not avail of the leave before the date of expiry of the term of his office, he shall be entitled to draw cash equivalent to leave salary after relinquishment of his office in respect of earned leave at his credit subject to a maximum of two hundred and forty days.