Section 2
SEC. 2. The Government Service Insurance Board is hereby authorized to apply the proceeds from the liquidation of said Fund to the payment, in the manner herein prescribed, to officers and enlisted men of the Philippine Constabulary who are still in the service, or who have left the service by resignation or abolition of the position, and who have been contributing to the Pension and Retirement Fund of the Philippine Constabulary and not previously retired, of the full amount contributed by them plus interest up to November first, nineteen hundred and thirty-six, at the rate of four per centum per annum compounded annually: Provided, however. That the amount which such officers and enlisted men of the Philippine Constabulary are entitled to receive shall, if they remain in the service, be applied by the Board to the payment of one year premium on the compulsory membership insurance corresponding to them under the provisions of the Government Service Insurance Act: Provided, further. That any excess of said contributions over and above the premium above stated, shall be paid to the contributor in cash, either in full or in installments to be determined by the Board, and in the latter case, all deferred payments shall earn interest at the rate of four per centum per annum compounded annually, but the same may be commuted and cashed in any financial institution owned or controlled by the Government by discounting the principal thereof at a rate not to exceed one per centum per annum.