15APower of the board to purchase annuity etc out of a gratuity payable from the Provident Fund

15A Power of the board to purchase annuity etc out of a gratuity payable from the Provident Fund

15A Power of the board to purchase annuity etc out of a gratuity payable from the Provident Fund

Whenever an amount is payable under section 15 to a permanent servant or to the servant’s personal representatives, the board must, if directed to do so by the servant or those personal representatives, apply the amount, or such part of it as is specified by the servant or those personal representatives, in purchasing for the servant or, as the case may be, for the beneficiaries of the servant’s estate a right to an annuity or other form of pension from a person nominated by the servant or those personal representatives.

s 15A: Ins 1935 No 24, sec 4 (f). Am 1948 No 33, sec 2 (h); 1959 No 2, sec 2 (1) (i). Rep 1968 No 6, sec 2 (c). Ins 1989 No 229, Sch 1.