A member who prior to May 1, 1974 filed a request for return of excess accumulated contributions and who had been required upon making such request to cancel any election or waiver previously filed by him to make contributions pursuant to sections 21(i), 21(j), 321(i) or 321(j) of the Retirement and Social Security Law, shall by filing a written statement with the Comptroller on or before December 31, 1974 be permitted to again make the contributions that such member had been permitted to make under these provisions of law prior to the filing of his request for excess accumulated contributions, provided that he shall deposit in the annuity savings fund a sum equal to the total contributions that he would have made had he not been required to terminate the making of such contributions together with regular interest. Such deposit must be made at the time of the filing of the statement to elect to resume contributions, provided however, such member may at such time elect to deposit such amount by payroll deductions over a period of time no greater than the period during which such contributions would have been made had they not been terminated.