Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Any employee, who
is a contributor under this Act and whose life is assured at the commencement
of this Act may, with the consent of the Board, transfer the policy (if
unencumbered) to the Board or to a person approved by the Board and request
the Board to continue, the payment of the premiums under the policy.
(2) Where a transfer
is made under subsection (1) the Board shall duly pay the premiums, and,
on the maturity of the policy, shall pay to the employee or to his legal
representatives to be administered as part of his estate any sums received on
the policy, less the amount of the premiums paid by the Board with compound
interest thereon at the rate of 4% per annum from the respective dates of
payment.
(3) Where an employee
has transferred his policy in pursuance of subsection (1), and thereafter
he desires that his policy be retransferred to him before maturity, or resigns
or retires from the service, the Board may, on receipt of a request for
retransfer or upon his resignation or retirement, retransfer the policy to the
employee upon payment to the Board of the amount of premiums paid by the Board
with compound interest thereon at the rate of 4 % per annum from the
respective dates of payment.
[Section 82 8 amended by No. 106 of 1965
s.14.]