This Act may be cited as the Old-age Pensions Amendment Act, 1910, and shall be read together with and deemed part of the Old-age Pensions Act, 1908 (hereinafter referred to as the principal Act).

For the purposes of the principal Act all real and personal property owned by any person shall, to the extent of his beneficial interest therein, be deemed to be his accumulated property, except that his interest in any life-assurance policy, or in any annuity purchased from a life-assurance company, shall not be deemed to be accumulated property within the meaning of this section.

There shall be deducted—

and the residue then remaining shall be deemed to be the net capital value of all his accumulated property:

Provided that in the case of joint ownership by husband and wife of any property on which they permanently reside, including furniture and other personal effects, no greater deduction shall be allowed in respect of that property than three hundred and forty pounds.

Sections three and five of the Old-age Pensions Amendment Act, 1909, are hereby repealed.

This section shall come into operation on the first day of January, nineteen hundred and eleven, and shall apply to all pensions whether granted before or after the passing of this Act.

Subsection (a) of section sixteen of the principal Act, as amended by section eight of the Old-age Pensions Amendment Act, 1908, is hereby amended by adding at the end thereof the following proviso:—

Section eighteen of the principal Act is hereby amended by omitting the words “which shall be open to inspection on payment of a fee of one shilling.”