Document ID: chunk:federal_register_of_legislation:C1971A00046:body:0:p57
Version: federal_register_of_legislation:C1971A00046
Segment Type: other
Provision Reference: 
Character Range: 132321–134828

that amount, in respect of the period that commenced on the date on which the person made an election in accordance with paragraph (b) of sub-section (1.) of section one hundred and nineteen j of this Act and ended on the date on which the life policy or life policies became payable, at the rate or rates applicable under sub-section (3.) of section ninety of this Act;
          (ii) in the case of a policy or policies assigned by the person to the Board in accordance with sub-section (3.) of this section—pay to the person, or, if he is dead, to his legal personal representative, an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the date on which the transfer value referred to in paragraph (b) of sub-section (1.) of this section is to be deemed for the purposes of Division 2 of this Part to have become payable in respect of him and ended on the date on which he became an employee; and
          (iii) pay the balance to the Commonwealth; and
     (b) the Commonwealth shall pay to the person, or, if he is dead, to his legal personal representative, an amount equal to the sum of any amounts paid by the person to the Commonwealth under sub-section (6.) of this section.
"(9.) Where the person attains the age of sixty years while he is a contributor to the Fund or to the Provident Account, or ceases to be such a contributor before be attains that age, and neither of the last two preceding sub-sections applies in relation to him, then, if the election made by the person under sub-section (2.) of this section has not been revoked in accordance with the next succeeding sub-section—
     (a) the Board shall surrender the life policy or life policies assigned by him to the Board in accordance with sub-section (3.) of this section or issued in relation to him in accordance with sub-section (4.) of this section and, out of the proceeds of the surrender, shall—
          (i) pay to the Fund or to the Provident Account an amount equal to the amount that, but for sub-section (2.) of this section, would have been paid by the Board to the Fund or to the Provident Account, as the case may be, under paragraph (a) of sub-section (3.), or under paragraph (a) of sub-section (7.), of section one hundred and nineteen j of this Act together with compound interest on that amount, in respect of the period that commenced on the date on which the person made an election in accordance