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Power to convert Deferred into Immediate Annuity.
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VII. Where a Party has already contracted under the Acts hereby repealed, or shall hereafter contract under this Act, by Payment in One Sum for a Deferred Life Annuity, the said Commissioners may, at the Option of the Party, grant an Immediate Life Annuity in place and instead of the Deferred Life Annuity, which shall forthwith be cancelled.
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