Section 21 in The Orissa Contributory Provident Fund Rules, 1938
21.
(1)If a policy assigned to the Governor of Orissa under Rule 19 matures before the subscriber quits the service, or if a policy on the joint lives of a subscriber and his wife, assigned under the said rule, falls due for payment by reason of the wife's death, the Accounts Officer shall, save as provided by Sub-rule (3) of Rule 22, proceed as follows :(i)If the amount assured together with the amount of any accrued bonuses is greater than the whole of the amount withheld or withdrawn from the Fund in respect of the policy with interest thereon at the rate provided in Rule 11, the Accounts Officer shall reassign the policy in the Form set forth in the Fifth Schedule to the subscriber or to the subscriber and the Joint assured, who shall pay or repay to the Fund the whole of any amount withheld or withdrawn with interest, and in default, the provisions of Sub-rule (4) of Rule 19 applicable to a failure to assign and deliver a policy shall apply;(ii)If the amount assured together with the amount of any accrued bonuses is less than the whole of the amount withheld or withdrawn with interest, the Accounts Officer shall realise the amount assured together with any accrued bonuses and shall apply place the amount so realised to the credit of the subscriber in the Fund.(2)Save as provided by Sub-rule (3) of Rule 22, if a policy delivered to the Accounts Officer under Clause (b) of Sub-rule (1) of Rule 19 matures before the subscriber quits the service, the Accounts Officer shall make over the policy to the subscriber :Provided that, if the interest in the policy of the wife of the subscriber, or of his wife and children, or any of them as expressed on the face of the policy expires when the policy matures, the subscriber, if the policy moneys are paid to him by the Insurance Company, shall immediately on receipt thereof pay or repay to the Fund either -(i)the whole of any amount withheld or withdrawn from the Fund in respect of the policy with interest thereon at the rate provided in Rule 11; or(ii)an amount equal to the amount assured together with any accrued bonuses, whichever is less, and, in default, the provisions of Sub-rule (4) of Rule 19 applicable to a failure to assign and deliver a policy shall apply.
