Section 15(3) provides that every contract of service shah provide for "(a) the terms and conditions of service of the employee, including the scale of pay and other allowances to which he shah be entitled; (b) the leave of absence, age of retire ment, pension and gratuity or contributory provident fund in lieu of pension and gratuity, and medical and other benefits to which the employee shah be entitled; (c) the penalties which may be imposed on the employee for the violation of any Code of Conduct or the breach of any term of the con tract entered into by him; (d) the manner in which discipli nary proceedings in relation to the employee shall be con ducted and procedure which shall be followed before any employee is dismissed, removed from service or reduced in rank; (e) arbitration of any dispute arising out of any breach of contract between the employee and the managing committee with regard to (i) the scales of pay and other allowances, (ii) leave of absence, age of retirement, pen sion, gratuity, provident fund, medical and other benefits, (iii) any disciplinary action leading to the dismissal or removal from service or reduction in rank of the employee, (f) any other matter which, in the opinion of the managing committee, out to be, or may be, specified in such contract.