date of such officer's retirement or, in the case of a
deferred pension, not later than the date immediately
preceding the date on which such officer attains his
retirement age:
Provided that the Governor may, if it appears to him
equitable in all the circumstances so to do, allow an
officer in any particular case to exercise the option, or
revoke an option previously exercised, at any time between
that date and the actual date of award of the pension or
aggregate pensions.
(3)
The date of the exercise of an option by an
officer shall be deemed to be the date on which the
Director of Accounting Services receives the option.
(4)
Subject to the provisions of subsection (2) as
regards the revocation of an option, an option exercised
under that subsection shall be irrevocable.
(5) An officer who dies before exercising an option
under subsection (1) but after he has retired shall be
deemed to have exercised the option to reduce his pension
or aggregate pensions by 50 per cent and the commuted
pension gratuity and reduced pension shall be paid in
accordance with subsection (1).