6. That no annual payment, nor the entire yearly amount of payments, shall exceed five pounds; that no assurance shall be made for more than 200l.; or if a gross sum and an annuity shall both be assured to the same person, the whole shall not exceed the value of 200l.
7. Provides for fines for arrears according to the time which has elapsed, and for renewing a policy which may have become void.
8. That all money received shall be vested in transferable annuities, as in the case of the Poor's Fund.
9. Provides for payment on proof of death—the affidavit to be sworn to before a Justice of the Peace.
10. That the rules for the management of the Assurance Office, and the remuneration to be paid to its officers, shall be settled on the same basis as those for the Poor's Fund.
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The Act then goes on to provide that the Commissioners shall be empowered to frame rules for the guidance of the officers of each Office; that the Commissioners to be appointed shall deliver to the Governor and Company of the Bank of England a true and attested copy of their commission of appointment; that this shall be their authority for transacting business with the Bank, and shall be received and admitted as evidence in all courts of law and equity, and before all judges and magistrates, of the due and legal appointment of the Commissioners, and authorizing them to exercise all the powers and authorities granted to them under the Act.
The Act then further provides that all dividends, &c., shall be exempted from the tax on property, and from the stamp duty on probates and letters of administration.
That the policies and other instruments shall be exempt from stamp duties.
That all letters and packets shall be sent by or through the Post Office, to or from either of the two departments, exempt from the payment of all postage.