Commutation of annuity.
308. Any payment in commutation of annuity shall not exceed—
| (a) | in a case where the employee receives any gratuity, the commuted value of one-third of the annuity which he is normally entitled to receive, and | |
| (b) | in any other case, the commuted value of one-half of such annuity, such commuted value being determined having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality. |