Section 23(1) in The Maharashtra Housing and Area Development Authority Contributory Provident Fund Rules, 1985
(1)The policy within six months after the first withholding of a subscription or withdrawal from the fund in respect of the policy, or in the case of an insurance company whose headquarters are outside India, within such further period as the Accounts Officer, if he is satisfied by the production of the completion certificate (interim receipts), may fix, shall,-(a)unless it is policy effected by a male subscriber which is expressed on the face of it to be for the benefit of the wife of the subscriber, or of his wife and children, or any of them, be assigned to the Governor of Maharashtra, as security for the payment of any sum which may become payable to the fund under rules 25 to 27, and delivered to the Accounts Officer, the assignment being made by endorsement on the policy in Form (1) or Form (2) or Form (3) of the Forms in the Second Schedule according as the policy is on the life of the subscriber or on the joint lives of the subscriber and the subscriber's wife or husband or the policy has previously been assigned to the subscriber's wife or husband.(b)If it is a policy effected by a male subscriber which is expressed on the face of it to be for the benefit of the wife of the subscriber or of his wife and children, or any of them, be delivered to the Accounts Officer.
