§ (1) Where an insured person has become a member of an approved society as a voluntary contributor, the rate of contributions payable in respect of him shall, notwithstanding that he becomes employed within the meaning of this Part of this Act, remain the voluntary rate, unless at any time after becoming so employed he gives notice in the prescribed manner of his wish to be transferred to the employed rate.
§ (2) Where he gives such notice the rate payable in respect of him shall be the employed rate, but in such case the rate of sickness benefit payable in respect of him shall be such reduced rate as would have been payable had he not previously been insured, subject to such allowance as may according to tables prepared by the Insurance Commissioners represent the value at that time of the contributions previously paid by him.
§ (3) Where he does not give such notice, and until he does so, the contributions payable by his employer in respect of him during any period of employment within the meaning of this Part of this Act shall be the same as if he had been transferred to the employed rate, and the contributions so paid by the employer shall be treated as in part satisfaction of the contributions at the voluntary rate payable by the contributor, and if the contributor fails to pay the balance he shall be deemed to be in arrear to that extent.
§ (4) Where an employed contributor within five years from his entry into insurance ceases to be employed within the meaning of this Part of this Act and becomes a voluntary contributor, he shall be deemed to be in arrear, as from the date when he became a voluntary contributor, to the amount of the difference between the aggregate contributions paid in respect of him as an employed contributor and the aggregate of the contributions 665 which would have been payable by him had he originally become a voluntary contributor, and the difference between any reserve value which is credited to the approved society of which he is a member in respect of him and the reserve value (if any) which would have been credited to that society in respect of him had he originally become a voluntary contributor shall be cancelled.
§ Amendments made: In Sub-section (2), leave out the word "allowance" ["subject to such allowance"], and insert instead thereof the word "addition."
§ In Sub-section (4), after the word "he" ["as from the date when he"], insert the word "so."
§ After the word "paid" ["aggregate contributions paid"], insert the words "by or."
§ Leave out the words "as an employed contributor" ["in respect of him as an employed contributor"], and instead thereof the words "since his entry into insurance."
§ Leave out the words "originally become" ["originally become a voluntary contributor"], and insert instead thereof the words "throughout been."—[Mr. Lloyd George.]