Refund on leaving service; reinstatement.

Upon separation of any teacher from the service of the public schools of the District of Columbia, except for retirement under § 38-2001.03 or § 38-2001.04, he shall receive the amount of his deductions, together with the interest then credited thereon. No teacher who shall withdraw the amount of his deductions under this section shall, after reinstatement, be entitled to credit for previous service unless he shall deposit in the fund the amount so withdrawn by him; provided, that the amount required to be so deposited may be paid by the teacher, if he so elects, in any number of monthly installments, not exceeding 100, with interest at 4% compounded annually, but no credit for previous service shall be given in any case of retirement where the teacher has been separated from teaching service in any public school system for more than 5 years.