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Tables for annuities and insurances.
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5. (1.) The Treasury may on the passing of this Act cause tables to be constructed for the grant of savings banks annuities and insurances.
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(2.) Every such table when approved by the Treasury shall, together with a statement of the rules observed in constructing it, be laid before both Houses of Parliament for not less than thirty days, and if any address is presented to Her Majesty by either House of Parliament praying that such table may be cancelled, the table shall be cancelled without prejudice to the framing of another table in lieu of the table so cancelled.
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(3.) After the expiration of the said thirty days the Treasury may cause the table, if not cancelled as above provided, to be published in the London Gazette, and the table shall come into operation on the day of that publication or such later day as may be fixed by the Treasury.
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(4.) The tables shall be framed in such manner that the fund formed by the receipt of sums in respect of deferred annuities and of insurances and the amounts paid for immediate annuities shall respectively be adequate (after payment of expenses) to meet all claims without causing any loss to the Exchequer.
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(5.) The tables shall be framed so that the payments to obtain the annuities and insurances may be made in one sum or in annual or more frequent instalments, and may be made during life or during a limited period.
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(6.) The tables may also provide for such variations in the rates for and conditions of annuities and insurances and such surrender of insurances and such other matters as may seem expedient.
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(7.) The Treasury may from time to time cause a new table to be constructed under this Act in lieu of any then existing table, and such table shall be laid before Parliament and be subject to be cancelled and be published in manner above provided by this section.
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(8.) All savings banks annuities and insurances shall be granted in accordance with the tables for the time being in force in pursuance of this Act, and upon any new table made under this section coming into operation, any previously existing table in lieu of which such new table is expressed to be made shall, whether made before or after the passing of this Act, be revoked without prejudice nevertheless to any annuity or insurance granted in accordance therewith.
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(9.) If the fund formed by the receipt of sums in respect of insurances is so much in excess of the liabilities that it is possible to reduce the payments made to obtain insurances, and a new table is made under this section for that purpose, the Treasury may provide for giving to the persons entitled to insurances in force at that time such portion of the surplus of the said fund as seems just in such manner as seems expedient.
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