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Thursday, 22 May 1930

Clause 67 -

In the event of any premium due on any life policy remaining unpaid for a longer period than one month, the company may charge compound interest thereon at a rate not exceeding the rate prescribed, and the policy shall, if it has been in force for three years or upwards, not lapse until the premiums due and unpaid together with the interest charged thereon are equal to the surrender value of the policy as calculated by the company after having deducted any unpaid loan with interest or other indebtedness on the policy. For this purpose the surrender value of the policy shall be computed on the assumption that all premiums up to the time of computation have been duly paid.

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