15.—(1) Where a member terminates the account which he has opened with the minimum sum with an approved bank and does not intend to open another account with another approved bank or purchase an approved annuity from an insurer, the approved bank in which the account was opened shall forthwith transfer all the moneys in that account to the member’s retirement account.
(2) Where a member has surrendered his approved annuity and does not intend to purchase another approved annuity or open an account with an approved bank, the insurer from whom the approved annuity was purchased shall forthwith transfer all the moneys representing the surrender value of the approved annuity to the member’s retirement account.
(3) Where a member who has been exempted under section 15(8)(e) of the Act from setting aside the minimum sum surrenders his approved annuity and does not intend to purchase another approved annuity or open an account with an approved bank, the member shall transfer all the moneys representing the surrender value of the approved annuity or an amount equal to the value of the minimum sum as determined by the Board, whichever is the less, to his retirement account.