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Time of Payment of Annuities granted under this Act.
On Death of Annuitant a Quarter’s Payment to be made in addition to half-yearly Arrears.
Proviso as to Deferred Annuities.
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XXI. All Annuities for Lives, of whatsoever Kind, which shall be purchased under the Provisions of this Act, shall be payable by Two equal half-yearly Payments, to become due respectively on the Fifth Day of January and on the Fifth Day of July, or on the Fifth Day of April and the Tenth Day of October, in each and every Year, according to the respective Periods, as herein-after mentioned, within which any Money shall be paid for the Purchase of any such Annuities for Life, of whatsoever Kind respectively; and the First half-yearly Payment of every such Annuity so purchased shall be made at the Times following; (that is to say,) on the Fifth Day of January in respect of all such Purchases completed by the actual Payment of Money into the Bank of England or into the Bank of Ireland to the Account of the said Commissioners herein-after mentioned at any Time during the Quarter ending on the Tenth Day of October preceding such Fifth Day of January; on the Fifth Day of April in respect of all such Purchases so completed at any Time during the Quarter ending on the Fifth Day of January preceding the Fifth Day of April; on the Fifth Day of July in respect of all such Purchases so completed at any Time during the Quarter ending the Fifth Day of April preceding such Fifth Day of July; and on the Tenth Day of October in respect of all such Purchases so completed at any Time during the Quarter ending on the Fifth Day of July preceding such Tenth Day of October; and all future half-yearly Payments of every such Annuity shall be made with reference to the Time of such First half-yearly Payment; and upon the Death of any Annuitant in respect of any Life Annuity a Sum equal to One Fourth Part of the Annuity depending upon the Life of such Annuitant (over and above all half-yearly Arrears thereof respectively) shall be payable to the Person or Persons entitled to such Annuity, or his or her or their Executors or Administrators, (as the Case may be,) on the half-yearly Days of Payment next succeeding the Production of Proof to the said Commissioners certifying the Death of such Annuitant, if such Proof shall be produced to the said Commissioners not less than Thirty Days next preceding the Fifth Day of January, Fifth Day of April, Fifth Day of July, and Tenth Day of October respectively in every Year, and that such last-mentioned Payment shall be claimed within Two Years after the Death of such Annuitant, but not otherwise; but the Fourth Part of any expired Life Annuity payable under the Provisions of this Act shall not be payable or be paid upon or in respect of any Deferred Life Annuity unless One half-yearly Payment of such Deferred Life Annuity shall have been actually paid or become due at the Time of the Decease of such Annuitant; and all Sums payable at Death shall become due and payable on the Fifth Day of January, Fifth Day of April, Fifth Day of July, and Tenth Day of October next immediately following the Day on which such Death shall be proved to the Satisfaction of the said Commissioners, or the Comptroller General or Assistant Comptroller: Provided always, that Proof of such Death shall have been given Thirty Days previously to such Fifth Day of January, Fifth Day of April, Fifth Day of July, and Tenth Day of October, as the Case may be, and if not, then and in such Case such Payment shall not be made until the next succeeding Quarter Day.
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