Membership Requirements:-

  • 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.

Subscription:-

  • 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.

Fund Management:-

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