§ 94. Withdrawal from fund. a. Any employer may, upon complying
with subdivision two or three of section fifty of this chapter, withdraw
from the fund by turning in his insurance contract for cancellation,
provided he has given written notice to the fund of his intention to
withdraw not less than thirty days before the effective date of such
cancellation. Upon receipt of such notice the fund shall, at least ten
days prior to the effective date file in the office of the chairman a
notice of such cancellation date.

In no event shall the insurance contract be deemed cancelled until at
least ten days after the date of such filing, any earlier date mentioned
in the notice to the contrary notwithstanding.

If an employer withdraws from the fund upon complying with subdivision
two of section fifty of this chapter, the new insurance contract with
the stock corporation, mutual corporation or reciprocal insurer shall be
deemed not to take effect until the cancellation of such employer's
contract with the state insurance fund has become effective.

b. Notwithstanding any of the provisions contained in subdivision five
of section fifty-four of this chapter the fund may cancel a contract of
insurance at any time during the contract period upon being furnished by
an employer with proof satisfactory to the fund that he is no longer
required to comply with section fifty of this chapter by reason of his
having discontinued, sold, transferred, assigned or otherwise disposed
of his business and has ceased employing workmen or operatives; or,
where the insurance contract has been issued to cover the operations
under a specific contract or at a specified location, that such
operations have been completed or discontinued and the employment of
workmen or operatives in connection therewith has ceased; provided,
however, such cancellation shall not become effective until at least ten
days after notice thereof shall have been filed in the office of the
chairman.