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Payment of superannuation benefits to members of the Board.
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2.—(1) Where a member of the Board required by the Principal Act or the terms of his appointment to devote the whole of his time to his duties as such member ceases, after two or more periods (whether continuous or discontinuous) of whole-time membership of the Board which amount in the aggregate to not less than ten years and include at least one term of office of five years as a whole-time member of the Board, to be a member of the Board by expiration of his term of office without reappointment or by resignation during his term of office either after he has attained the age of sixty years or on account of ill-health before attaining that age, it shall be lawful for the Board to grant to such member a pension for life of an amount per annum calculated at the rate of one forty-eighth of the yearly salary of such member for every completed year of whole-time membership of the Board, but subject to a maximum of twenty forty-eighths of such yearly salary.
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(2) Where a member of the Board dies during his term of office after a period of not less than five years continuous whole-time membership ending at his death, it shall be lawful for the Board to grant and pay to the personal representative of such member a gratuity of an amount equal to the yearly salary of such member.
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(3) Where a person to whom a pension is granted under sub-section (1) of this section dies at such time after the cesser of his membership of the Board that the amount of such pension for the period from the date of such cesser to the date of his death is less than his yearly salary as a member of the Board, it shall be lawful for the Board to grant and pay to the personal representative of such person a gratuity of an amount equal to the sum by which the said amount of such pension for the said period falls short of the said yearly salary.
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(4) For the purposes of this section—
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(a) the yearly salary of a member of the Board shall be taken to be his average yearly salary as such member during the period of three years expiring on the date of the cesser of his membership or of his death, as the case may be, and
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(b) the expiration of the term of office of a member of the Board followed by his reappointment (whether actually made before, on, or after such expiration) to membership of the Board for a term beginning on the date, or the day after the date, of such expiration shall not constitute a break in the continuity of his membership of the Board.
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