Cap. 26 Art. 5Mode of payment of annuities.

(1) The annuity shall be paid in arrear within the first fifteen days of the month of January in each year; each payment shall be noted down on the back of the writing constituting the annuity, or of the writings referred to in the next following article, and no payment may be made without the production of the said writing or writings.

(2) For the purposes of any such payment, the annuity shall be deemed to commence to run from the first day of the month next following that in which the annuity was constituted.