Power to pay money into court

(1) Subject to Rules of Court, any insurance company carrying on life insurance business may, after giving notice in writing to the Supervisor pay into the Court any moneys payable by the company under a contract of life insurance in respect of which in the opinion of the directors no sufficient discharge can otherwise be obtained. (2) The receipt or certificate of the Registrar or Deputy Registrar of the Court shall be a sufficient discharge to the company for the moneys so paid into court and such moneys shall, subject to Rules of Court and any Regulations made under this Act, be dealt with according to the orders of the Court.