(1)With the previous consent in writing of any subscriber any portion or whole of his subscriptions with interest thereon may be invested by the Council in the Post Office National Savings Certificates.(2)Investments in the certificates mentioned in Sub-rule (1) and their encashment shall be regulated in accordance with the rules issued in that regard by the Government of India from time to time. The certificates shall be purchased in the name of the Council with the addition of the name of the subscriber on whose behalf the investment is made as provided in thePost Office National Savings Certificate Rules, 1944, issued under the authority of the Government of India. The certificates shall be held and unless transferred as provided in Clause (ii) or (iii) of the proviso, be encashed at the time of maturity by the Council and the proceeds on encashment shall be credited to the account of the subscriber :Provided always-(i)that every such certificate shall so long as the subscriber is actually in employment under the Council belong to the Council and no interest therein shall during such period vest in the subscriber on his nominees and neither he nor they shall have any right to interfere therewith;(ii)that in the event of retirement, resignation, dismissal or removal from service of the subscriber before the date of maturity of the certificate, the certificate shall soon after the event be transferred to the subscriber;(iii)that in the event of the transfer of a subscriber to another Municipal Council or local authority the certificate shall be transferred to the name of the Municipal Council or the local authority concerned that maintains the Provident Fund account of the subscriber after the transfer;(iv)that in the event of the death of the subscriber before the date of maturity of the certificate, the certificate shall be encashed and the amount paid to the person or persons entitled to receive the amount under Rule 458 in the manner provided therein;(3)The Executive Officer shall maintain a register in Form No. P.F. 16 showing the details of investments made in the certificates, the name of the subscribers on whose behalf the purchase is made, the dates of purchase and maturity and the actual date of encashment. A reference to such investments shall also be given in the account of the subscribers in Form No. P.F. 5 in the column 'Remarks.'
