48. Amount when payable. - The amount at the credit of any subscriber shall be payable-
(a)on the death of the subscriber, to the person or persons nominated by him or, when no such nomination is made, to his legal heir or heirs;(b)on his ceasing to be in the service of the University to such subscriber, provided-(i)that no subscriber who has been dismissed for what is considered by the Executive Council as gross misconduct, shall, if the Executive Council so directs, be entitled to the benefit or to receive any part of any sum at any time contributed by the University to the Fund or the interest or profit thereon;(ii)that if any subscriber resigns his appointment before putting in five years' service, the University may withhold the contribution allotted to him, together with the interest thereon, and pay to the subscriber only the . . balance at his credit without such contribution or the interest on, or profit from such contribution.
