Life Assurance Companies Acts Amendment Act of 1962 (Qld)

289 ANNO UNDECIMO E .. L .. I . Z .. A . ' B .. E .. T ' H .. A ... E ... S .. E .. C .. U .. N .. D .. A .. E .... R .. E .. G .. I . N .. A .. E . No. 36 of 1962 An Act to Amend "The Life Assurance Companies Acts, 1901 to 1934," in certain particulars [ASSENTED TO 19TH DECEMBER, 1962] BE JT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembied, and by the authority of the same, as follows:- 1. (1) Short title. This Act may be cited as "The Life Assurance Companies Acts Amendment Act of 1962." (2) Principal Act. "The Life Assurance Companies Acts, 1901 to 1934," are in this Act referred to as the Principal Act. (3) Collective title. The Principal Act and this Act may be collectively cited as "The L(fe Assurance Companies Acts, 1901 to 1962." 2. Repeal of and new section thirty-nine. Section thirty-nine of the Principai Act is repealed and the following section inserted in its stead:- " [39.] Probate or administration may be dispensed with in certain cases. (1) Where- (a) there is only one policy under which moneys are payable by the Company to the personal representative of a deceased person and those moneys do not, excluding bonus additions, exceed one thousand pounds; or

290 Life Assurance Companies Acts Amendment Act of 1962, No. 36 (b) there are two or more policies under which moneys are so payable and the aggregate of those moneys does not, excluding bonus additions, exceed one thousand pounds, the Company may, without requiring the production of any probate or letters of administration, pay the moneys, together with the bonuses (if any) which may have been added to the policy or policies, to a person- (c) who is the husband, wife, father, mother, child, brother, sister, nephew or niece of the deceased person; or (d) who satisfies the Company that he is entitled to the property of the deceased person under his will or under the law relating to the disposition of the property of deceased persons, or that he is entitled to obtain probate of the will of the deceased person, or to take out letters of administration of his estate. (2) The Company making any such payment shall be thereby discharged from all further liability in respect of the moneys payable under the policy or policies. (3) All persons to whom any such moneys are paid shall apply those moneys in due course of administration and, if the Company thinks fit, it may require those persons to give sufficient security by bond or otherwise that the moneys so paid will be so applied." 3. Amendment of section forty-foUI'. Section forty-four of the Principal Act is amended by omitting from the first paragraph of subsection (3) the words "fifty pounds" and inserting in their stead the words "five hundred pounds".