76. The days during which a teacher was on leave without pay for any period of not less than 30 consecutive days, which ended before 1 July 1983 but which occurred after 1 July 1976, or the days during which, in the interval described, he ceased to participate in this plan while he pursued specialized studies, are credited to that teacher upon his request, if he
(1) was authorized for such purpose by his employer;
(2) pays an amount equal to the contributions that would have been withheld, had he not been so on leave or not so engaged in such studies, based on the pensionable salary he was receiving when he was granted the leave or began to be engaged in those studies; and
(3) holds pensionable employment under this plan from the end of his leave without pay or specialized studies, unless he has become disabled.
The amount required for those days to be credited is payable in a lump sum or by instalments spread over the period and payable at the times determined by the Commission. If the application for redemption is made after the end of the year in which the teacher was on leave without pay or was pursuing specialized studies, the amount bears interest at 8.5 % compounded annually, computed from the date on which the leave expires or the end of the specialized studies. However, no interest is computed for the period during which the redemption proposal made by the Commission is valid.
1983, c. 24, s. 2; 1987, c. 47, s. 115; 1987, c. 107, s. 231; 1988, c. 82, s. 91; 1990, c. 87, s. 88.