- All Bangladeshi Merchant Navy Officers working on board ships or ashore and have not attained the retiring age are entitled to become member of the ‘Fund’.
- Any person of the qualification mentioned in clause 5 above shall apply to the chairman of the Board of Management of fund for membership in prescribed form.
- Each member shall have to pay subscription Tk. 1000/- per year for the first consecutive 5 years and Tk. 400/- per year for rest of the period or as revised by the Board of Management from time to time to allow scope for inflation.
- The fund shall consist of the yearly subscription by the members as detailed in clause 7 and its interest thereon and also donation as detailed in clause 9.
- The Board of Management shall have power to receive donation, grant, etc from members, Govt., Semi Govt.,
- Philanthropists, Private Firms/Companies Institutions and Organisations.
Termination/Suspension/Withdrawal Of Membership:-
A member shall be disqualified and his membership may be terminated or suspended by the Board of Management: -
- If he is found to have publicly conducted himself in a manner prejudicial to the Fund.If he fails to pay his subscription within six months of the due date.
- In case the membership of a member is terminated as per clause 28(b) he may be re-instated at the discretion of The Board of Management on his written, application and payment of Tk. 50/- for each month of delay beyond six months.
- Members disqualified or terminated will not be entitled to any benefit from the fund unless Board of Management decides otherwise on the merit of individual case.
- The member terminated as above shall not have power to vote.
- Any member wishing to withdraw his membership from the fund may apply to the Chairman of the Board of Management requesting his withdrawal of membership. In case his request is approved by the Board of Management 90% of the subscription wich he actually paid shall be refunded to him without interest.
The fund is restored & invested in the following forms:
i) Scheduled Banks;
ii) Govt. Bonds;
iii) Saving Certificates;
iv) Postal Bonus Voucher Schemes or any other saving schemes