| Termination of account with approved bank or surrender of approved annuity |
| Termination of account with approved bank or surrender of approved annuity |
18.—(1) Where a member, who has deposited the amount maintained as the minimum sum in an account with an approved bank, closes the account and does not open another account with another approved bank or does not 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.
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