As enactedVersion · As enacted
12. Member-ship contri-butions
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(1)
Every member of a Credit Council shall pay to the Council one per centum of his monthly consolidated salary per mensem, as a membership contribution.
(2)
Such contributions together with dividends thereon, if any, shall be refunded to such member or his nominee authorized by him in writing orin the absence of a nominee to his legal representative on the cessation of employment of such member.