(1) Subject to section 24 (7), where a contributor for any reason leaves the employment of an employer who contributes to a Plan on behalf of the contributor

(a) before the expiry of the vesting period,

(i) the contributor may by notice in writing request the Funds Manager to transfer the contributor's portfolio to another Plan operated by that Funds Manager or to a Plan operated by a Funds Manager specified by the contributor, or may, subject to section 30 (6), (7) and (8) withdraw all or part of the contributor's portfolio;

(ii) the Funds Manager shall ensure that the total amount of the employer's contributions together with any returns earned on the contributions are refunded to the employer of the contributor, at the same time that the transfer or withdrawal of the contributor's portfolio is made;

(iii) the total amount of the employer's contributions and returns refunded under subparagraph (ii) shall be taxable as income in the hands of the employer in the year of the refund; and

(iv) the Funds Manager shall issue a notice of refund to the Agency and the Commissioner of the Internal Revenue Service at the same time as the refund is made to the employer's account under subparagraph (ii);

(b) after the vesting period, the contributor may

(i) request the Funds Manager to transfer the contributor's Portfolio to another Plan operated by the Funds Manager;

(ii) request the Funds Manager to transfer the contributor's portfolio to a Plan operated by a Funds Manager specified by the contributor; or

(iii) subject to section 30 (6), (7) and (8) withdraw the portfolio.

(2) A Funds Manager shall not act on a contributor's request for transfer or withdrawal of the contributor's portfolio without notice in writing to that contributor's employer if that employer has contributed to the Plan on behalf of the contributor.

(3) Subject to subsection (2), a Funds Manager shall ensure that on receipt, of a notice under this section for a transfer by a contributor or an employer as the case may be, the transfer is effected in accordance with the transfer notice not later than 14 days from the date the transfer notice is received by the Funds Manager.