(820 ILCS 305/24) (from Ch. 48, par. 138.24)
Sec. 24.
Any employer against whom liability may exist for compensation
under this Act shall upon the order and direction of the Commission:
(a) Deposit the commuted value of the total unpaid compensation for
which such liability exists, computed at 3% per annum in the same manner as
provided in Section 9, with the State Treasurer, or county treasurer in
the county where the accident happened, or with any savings and loan association
or State or national bank
or trust company doing business in this State. Any such depositary to which such
compensation may be paid, shall pay the same out in installments as in this
Act provided, unless such sum is ordered paid in, and is commuted to a lump
sum payment in accordance with the provisions of this Act; or
(b) Purchase an annuity, in an amount of compensation due or computed,
under this Act within the limitation provided by law in any insurance
company granting annuities and licensed or permitted to do business in this
State which may be designated by the employer or the Commission.
(Source: P.A. 83-541.)
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