s 5D Exercise of option
(1) Every contributor shall at his option exercisable as hereinafter provided, be entitled either to cease to contribute or to continue to contribute in accordance with this Act. * NOTE—This section inserted vide Emergency (Essential Powers) Ordinance No. 33, 1970 [P.U. (A) 184/1970] was later repealed vide Widows and Orphans Pension (Amendment) Act 1972 [Act A96]. (2) If a contributor who on 15 June 1970 was a bachelor, opts to cease to contribute under subsection (1), any rights accrued under this Act shall cease and there shall be payable to him, a sum representing the amount of contributions which he has made up to that date together with compound interest thereon calculated with annual rests at the rate of two and one-half per centum and the amount of any contributions which he may have made after that date without any interest thereon. (3) If a contributor who on 15 June 1970 was a widower without children of a pensionable age, opts to cease to contribute under subsection (1), any right accrued under this Act shall cease and there shall be payable to him, a sum representing the amount of contributions which he has made up to that date since the death of his last wife or the ceasing to be of a pensionable age of his last child, whichever event shall last have happened together with compound interest thereon calculated with annual rests at the rate of two and one-half per centum and the amount of any contributions which he may have made after that date without any interest thereon. (4) If a contributor who on 15 June 1970 was married or was a widower with children of a pensionable age, opts to cease to contribute under subsection (1), the rights of such contributor and of his widow and children under this Act shall cease and there shall be payable to him a sum representing an amount computed on the basis of the interest acquired by him at that date in accordance with Tables D, E and F contained in the First Schedule and the amount of any contributions which he may have made after that date without any interest thereon. (5) (a) The option shall be exercisable by written notification addressed to the Directors before a date to be appointed by the Minister by notification in the *Gazette. Different dates may be appointed for contributors who are still in the service of the Government and contributors who have retired from the service of the Government: * NOTE—See P.U. (B) 194/1972. Provided that the Directors may, if they think proper in the circumstances, accept an option received after the date appointed under this subsection. (b) The exercise by a contributor of the option shall be irrevocable. (6) If a contributor opts to cease to contribute under subsection (1), his contribution shall cease to be made on the first day of the second month following the month in which the written notification under subsection (5) was received by the Directors. (7) If a contributor does not exercise the option within the period provided under subsection (5), he shall be deemed to have opted to continue to contribute in accordance with this Act.