Transport Act, 1950
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Commutation of part of annual sums by way of compensation under section 38, 39 or 40. |
42.—Any person who is in receipt of an annual sum by way of compensation under section 38, 39 or 40 may, within one year from the date on which the annual sum is fixed, apply to the Board to commute not more than one-fourth of the annual sum by the payment of a capital sum, and thereupon the following provisions shall have effect— | |
(a) the Board shall not unreasonably refuse the application; | ||
(b) if the Board refuses the application the applicant may, within one month after the Board has notified the applicant of such refusal, appeal to the standing arbitrator, who shall hear and determine the appeal, and the decision of the standing arbitrator shall be final; | ||
(c) where the Board grants the application or, on the refusal of the application by the Board, the standing arbitrator, on appeal, decides it should be granted— | ||
(i) the Board shall, after the capital sum to be paid by way of commutation has been calculated, inform the applicant of the amount thereof and the applicant may, within one month after being so informed, withdraw his application, | ||
(ii) if the applicant does not so withdraw his application, the Board shall pay to the applicant the said capital sum by way of commutation of the said part of the said annual sum; | ||
(d) the said capital sum to be paid by way of commutation shall be such sum as would, on the date of the application, purchase, from such assurance company (being an assurance company licensed under the Insurance Act, 1936 (No. 45 of 1936)) as the Board may select, an immediate life annuity payable to the applicant equal to the annual amount of the said part of the said annual sum, the applicant's age for this purpose being reckoned at the age he will attain on his birthday next following the date of the application. |