3.—(1) Subject to paragraph (2), an eligible policeman may, for the purpose of reckoning an additional number of sixtieths in calculating the awards payable to, or in respect of, him under the principal Regulations, by notice in writing to the police authority elect to make payment to the authority in accordance with the following provisions of these Regulations.
(2) A policeman shall not so exercise the right of election accorded by paragraph (1) that the aggregate number of sixtieths reckonable by him exceeds or, if he continued to serve until his retirement date, would exceed 40.
(3) When the retirement date of a policeman who has exercised the right of election accorded by paragraph (1) becomes later than it was at the time of his election by reason of his subsequent promotion or the subsequent postponement of that date under regulation A18(2) of the principal Regulations, then, notwithstanding that he may derive no benefit from his election, his liability to make payment in accordance with the following provisions of these Regulations shall not be affected and he shall not be entitled to the repayment of any lump sum or contribution so paid.Lump sum payments