Section 4
SEC. 4. At the option of the pensioner to be exercised by him not later than January 1, 1937, he may be given in lieu of the reduced pension provided for in section 3 hereof a gratuity equivalent to two years average current pay he was receiving during the last three years previous to his retirement: Provided, however, That the Government Service Insurance Board, after considering the financial situation of the party concerned, shall determine whether such amount shall be paid in full or in installments to be fixed by the said Board, and in the latter event, ail 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 exceeding one per centum per annum.