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Commissioners for Reduction of National Debt may receive Money from Depositors, &c. for Purchase of Annuities.
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II. From and after the said Tenth Day of October One thousand eight hundred and fifty-three, it shall and may be lawful for the Commissioners for the Reduction of the National Debt to grant to or for the Benefit of any Depositor in a Savings Bank, or other Person whom the said Commissioners shall think entitled to be or to become a Depositor in a Savings Bank, any Immediate or Deferred Life Annuities depending on single Lives, or Immediate Annuities depending on joint Lives with Benefit of Survivorship or on the joint Continuance of Two Lives, to any Amount not less than Four Pounds nor more than Thirty Pounds in the whole, to or for the Benefit of any One Person, and to receive Payment for such Immediate Life Annuities in One Sum, and for such Deferred Life Annuities either in One Sum or in annual Sums payable for fixed Periods: Provided always, that no such Annuities shall be granted to or for the Benefit of any Person under the Age of Ten Years.
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