(1) Where the accumulations standing to the credit of the member are withdrawn under paragraph 69 or when the member repays to the Fund the amounts of premium paid by the Board with interest thereon at the rate provided in Paragraph 60, the Central Board or where authorised by the Central Board ,the Commissioner shall reassign by endorsement thereon the policy to the member together with a signed notice of reassignment addressed to the Life Insurance Corporation .
(2) If the member dies before the policy has been reassigned under sub-paragraph (1), the Central Board or where authorised by the Central board, the Commissioner, shall reassign by endorsement thereon, the policy to the nominee of the member if a valid nomination subsists and if there be no such nominee, to such person as may be legally entitled to receive it together with a signed notice of reassignment addressed to the Life Insurance Corporation.
