s 3 Rights of owners of certain endowment policies.
(1) Where under any policy to which this section applies not less than one year’s premiums have been paid, the owner of the policy shall be entitled at any time within one year from the date on which the last premium was paid or, if no premium has been paid since the date of the commencement of this Act, within one year from that date, to surrender the policy and to claim either— (a) a free paid-up policy in conformity with the rules contained in the Schedule to this Act; or (b) payment of a surrender value equal to ninety per cent. of the value of the sum or sums payable under such a free paid-up policy as aforesaid, calculated in accordance with the last four rules contained in the Fourth Schedule to the Industrial Assurance Act 1923, . . . . . (2) This section applies to any policy issued, or deemed under this Act to have been issued, in accordance with the provisions of section one of this Act and to any other endowment policy issued on the life of a child under ten years of age, being in either case a policy in force at some time after the thirty-first day of December, nineteen hundred and twenty-three. (3) . . . . . every premium receipt book in respect of such a policy, being a. . . . . book issued after the thirtieth day of September, nineteen hundred and twenty-nine, by. . . . . an industrial assurance company, shall set out the provisions of this section, and of the Schedule to this Act, printed in distinctive type, or, if the Industrial Assurance Commissioner consents, a statement in lieu thereof which, in the opinion of the Commissioner, sufficiently sets forth the effect of those provisions;. . . . . (4) . . . . . (5) . . . . .