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Amendment of 27 & 28 Vict. c. 43. ss. 8 and 11 as to surrender of policy or assignment of policy after payment of five years premium.
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10. Whereas by the Government Annuities Act, 1864, it is provided that a person who has obtained a savings bank insurance, and has paid the premiums thereon for a period of not less than five years, may (under section eight) surrender his policy or obtain a return in respect of the premiums paid by him (not being less than one-third thereof) or obtain another savings bank insurance or annuity in lieu of such premiums, and (under section eleven) may assign his right and interest in such insurance, and it is expedient to amend the said section: Be it therefore enacted as follows:
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A person who has obtained a savings bank insurance, and has paid the premiums thereon for not less than two years, shall have the same right under sections eight and eleven of the Government Annuities Act, 1864, as a person has who has paid the premiums for not less than five years, and sections eight and eleven of the said Act shall be construed as if “two years” were therein substituted for “five years,” and so much of the said section eight as requires the amount returned to be not less than one-third of the premiums shall be repealed.
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