(2)Such policy shall be effected in the name of the subscriber who shall assign the same in favour of the Chairman. It shall be held and unless reassigned as provided for in proviso (c) or (d) of this rule or sub-rule (3) shall be realised by the Chairman and the net proceeds on realisation shall be credited to the account of the subscriber :Provided that,-(a)every such policy shall, so long as the subscriber is actually in employment under the Market Committee belong to the Market Committee and no interest thereon, shall, during such period vest in subscribers on whose life it had been effected, or in his nominee; and neither he nor they shall have any right to interfere therewith;(b)the Market Committee shall not be responsible for any loss or damage that may arise or result from the effecting of any policy under this rule;(c)on the retirement from service of a subscriber or on the termination of his services either by resignation or as a measure of punishment the policy effected on his life shall be reassigned to him; and(d)on the death of a subscriber while in service, the policy effected on his life shall be reassigned to the nominee appointed by him under Rule 156 or to all the nominees appointed by him under that rule jointly, specifying the shares to which each of the nominee is entitled.
