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Persons contracting for Payments of Sums of Money at Death may commute the same into an Annuity payable after Death to Nominees.
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XV. If any Person having contracted for the Payment of a Sum of Money on Death in the Manner herein-before provided shall at any Time, in Writing, in a Form approved of by the said Commissioners, and deposited with them during his Life, direct that the Sum payable at his or her Death be commuted for an Annuity for Life, to commence at his or her Death, and to be paid to any Persons nominated in the said Writing, such Commutation shall take effect, when approved of by the said Commissioners, or by the Comptroller General or Assistant Comptroller acting under the said Commissioners, and the Person so nominated shall be entitled to such Life Annuity as shall be the Equivalent to such Sum of Money so payable after Death as aforesaid, such Annuity to commence and take effect on and from the Sixth Day of January, Sixth Day of April, Sixth Day of July, and Eleventh Day of October, as the Case may be, next immediately following the Death of the Party nominating, and be payable and paid at the next following half-yearly Period.
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