Sept. 8.] THE NEW ZEALAND GAZETTE. 1171

ment Insurance Department, and shall receive credit for interest on its accumulations proportionately to that made on the whole of the funds of the department.

3. The period of the Tontine Savings Fund shall be completed on the 31st December, 1900.

4. Any insurance policy which has been already taken out, or which may be taken out on or before the 31st day of December, 1890, may be placed in the tontine: Provided—

(a.) That no endowment insurance policyholder the date of maturity of whose policy will occur on or before the 31st December, 1900, shall be allowed to join the Tontine Class:

(b.) That no policyholder shall be allowed to join the Tontine Class after the 31st December, 1890:

(c.) That, in the case of policies already issued, the policyholder must sign an application in the form prescribed in the First Schedule hereto, such application to be indorsed on the policy, and also signed by the Commissioner:

(d.) That, in the case of a proponent who desires his policy (if issued) to be included in the Tontine Class from the date of issue, the said policy may be so included, if the said proponent sign an application in the form prescribed in the Second Schedule hereto; provided that the Commissioner indorses the said policy in the manner and form prescribed in the Third Schedule hereto.

5. No Tontine Savings Fund policyholder shall be allowed during the tontine period to surrender for cash any bonus which may have been allocated to the policy during the tontine period.

6. In the event of a Tontine Savings Fund policyholder desiring to effect a loan from the Commissioner on such policy on or before the 31st December, 1900, he shall not be allowed to borrow on the security of any bonus allocated to such policy during the tontine period.

7. In the event of the termination of a Tontine Savings Fund policy by death during the time in which it is included in the Tontine Class and while it is in full force, any reversionary bonus (including prospective bonus) allocated to it since it was placed in the said Tontine Class shall be forfeited, and be transferred from the Assurance Fund to the Tontine Savings Fund. The executors, administrators, or assigns of the deceased insured shall receive the full sum assured, together with any reversionary bonus still in force which may have been allocated to the policy prior to the date on which it was included in the Tontine Class, and such policy shall not participate in the Tontine Savings Fund.

8. In the event of a Tontine Savings Fund policy being surrendered, either for cash or for any other purpose whatsoever, or becoming lapsed and void during the time in which it is included in the Tontine Class, the cash value of any reversionary bonus which may have accrued since the policy was placed in the said Tontine Class shall be forfeited, and shall be transferred from the Assurance Fund to the Tontine Savings Fund, and such policy shall not participate in the Tontine Savings Fund.

9. In the event of a Tontine Savings Fund policy which has acquired a surrender value becoming overdue during the time in which it is included in the Tontine Class, the surrender value which shall be applied to the payment of overdue premiums and interest thereon, and other charges (if any) on such policy, shall not include the surrender value of any reversionary bonus allocated to such policy during the time it is included in the Tontine Class; and should such policy become lapsed and void on or before the 31st December, 1900, the cash value of any reversionary bonuses allocated to such policy during the time it may have been included in the Tontine Class shall be forfeited, and shall be transferred from the Assurance Fund to the Tontine Savings Fund, and such policy shall not participate in the Tontine Savings Fund.

10. If at the 31st December, 1900, the premiums on a Tontine Savings Fund policy shall be overdue, and the surrender value shall have become exhausted by the amount of the premiums overdue, and interest thereon, and other charges (if any) debited against such surrender value, but the year during which the policy may be revived (subject to proof of health to the satisfaction of the Commissioner, and to the payment of the arrears of premiums and interest thereon) has not expired, the cash surrender value of any bonuses which may have been allocated to such policy during the tontine period shall be forfeited, and shall be placed in the Tontine Savings Fund in the same manner as if the policy had lapsed, and such policy shall not participate in the Tontine Savings Fund, or in any bonus allocated in respect of the tontine period.

11. At the expiry of the tontine period policyholders participating in the tontine distribution, in addition to receiving their shares of the Tontine Savings Fund, shall have full control of the bonuses allocated to them during the time they were included in the Tontine Class.

12. The whole of the Tontine Savings Fund shall, after the termination of the tontine period, be divided amongst the surviving tontine policyholders whose policies shall be in full force on the 31st December, 1900 (either by reason of the premiums not being in arrear or by the policy being kept alive out of surrender value as aforesaid), according to the method to be determined by an Actuary or Actuaries to be appointed by His Excellency the Governor of New Zealand.

13. The shares of profit being determined as aforesaid, each Tontine Savings Fund policyholder will be allowed the following five options, on giving notice of his intention three months previous to the expiration of the Tontine Savings Fund period, viz.:

(a.) To terminate his assurance by receiving in cash the surrender value of his policy, and the value of his bonuses, together with his share of the Tontine Savings Fund;

(b.) To surrender his interest for a paid-up policy of such amount as the total cash receivable under option (a) will purchase;

(c.) To withdraw in cash the value of his bonuses and share of the Tontine Savings Fund, and continue the original policy by payment of premiums at original rate, such policy either to become an ordinary one earning a bonus at each valuation period, or to be placed in a fresh tontine, at the option of the holder;

(d.) To continue the original policy, and convert the sum receivable in cash under the last preceding option into an annuity for the remaining currency of the assurance;

(e.) To terminate the assurance and convert the whole of the cash receivable under option (a) into an annuity for life;

(f.) To continue the original policy with its accrued bonuses as reversionary additions, and apply share of Tontine Savings Fund to purchase of additional assurance without additional premium.

FIRST SCHEDULE.

I, THE within-named A.B., hereby request the Government Insurance Commissioner to include in the Tontine Class of the Government Life Insurance Department the Policy No. , printed and written on the other side hereof; and I do hereby agree that the said policy shall thereafter be subject to the rules and conditions for the time being in force with respect to Tontine Savings Fund policies.

SECOND SCHEDULE.

I, A.B., of , hereby request the Government Insurance Commissioner to include in the Tontine Class of the Government Life Insurance Department the policy issued in respect of a proposal for insurance for pounds made by me to the said Commissioner this day; and I do hereby agree that the said policy, if issued, shall be subject to the rules and conditions for the time being in force with respect to Tontine Savings Fund policies.

Dated at , this day of , 18 .

(Signature of proponent.)

Witness—

THIRD SCHEDULE.

MEMORANDUM.

At the request of the within-named assured the policy printed and written on the other side hereof is hereby included in the Tontine Class as from the date of such policy, subject to the rules and conditions for the time being in force with respect to Tontine Savings Fund policies.

Dated at Wellington, New Zealand, this day of , 18 .

Government Insurance Commissioner.

Witness—

FORSTER GORING,
Clerk of the Executive Council.