PART XXXVI—PAYMENT AND APPORTIONMENT OF ANNUITIES. 300. Commencement of annuity when no time fixed by will. Where an annuity is given by a will, and no time is fixed for its commencement, it shall commence from the testator’s death, and the first payment shall be made at the expiration of one year after that event. 301. When annuity to be paid periodically first falls due. Where there is a direction that an annuity shall be paid quarterly or monthly, the first payment shall be due at the end of the first quarter or first month, as the case may be, after the testator’s death, and shall, if the executor thinks fit, be paid when due; but the executor shall not be bound to pay it till the end of the year. 302. Successive payments when first payment directed to be made within given time. Where there is a direction that the first payment of an annuity shall be made within one month or any other division of time from the death of the testator, or on a day certain, the successive payments are to be made on the anniversary of the earliest day on which the will authorises the first payment to be made; and, if the annuitant should die in the interval between the times of payment, an apportioned share of the annuity shall be paid to his or her representative. PART XXXVII—INVESTMENT OF FUNDS TO PROVIDE FOR LEGACIES. 303. Investment of sum bequeathed where legacy given for life. Where a legacy, not being a specific legacy, is given for life, the sum bequeathed shall at the end of the year be invested in such securities as are authorised by law, and the proceeds of the investment shall be paid to the legatee as the proceeds shall accrue due. 304. Investment of general legacy to be paid at future time. (1) Where a general legacy is given to be paid at a future time, the executor shall invest a sum sufficient to meet it in securities of the kind mentioned in section 303.