34. The participant who intends to avail himself of section 33 or of section 33.1 must give written notice thereof to the municipality and to the Commission and pay to the municipality a contribution of 51/2% of the pensionable salary which he received during the redeemed period.
From the month following the receipt of the notice, the municipality must pay to the Commission, to the credit of the participant, a contributory amount of 8% of the pensionable salary paid to the participant during the redeemed period and the contribution contemplated in the preceding paragraph.
1974, c. 48, s. 34; 1978, c. 60, s. 8.