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(1)The liability of any clerk to pay contributions under any agreement made by him with the Board under section 15 of the 1961 Measure for the payment of a pension to his widow or dependants shall cease and no further contributions shall be paid by him.
(2)Where the liability of a clerk to pay contributions under any such agreement ceases by virtue of subsection (1) above, the benefits to which his widow or any other beneficiary specified in the agreement would have been entitled on his death, if the liability had not ceased, shall be paid at such reduced rate as an actuary may certify to be proper.
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