(1) Where:
(a) the wife or husband of a person who is a contributor, or is a pensioner by reason of having been a contributor, is dead or divorced; and
(b) the contributor or pensioner dies;
there shall be paid in respect of each eligible child of the contributor or pensioner and each eligible child of the wife or husband of the contributor or pensioner, other than a child of any remarriage of the wife or husband, (in addition to any other pension that may be payable in respect of any such child under this Act) a pension at the rate of $520 per annum or at a rate of such amount per annum as is determined in accordance with subsection (2), whichever rate is the higher.
(2) The amount to be determined for the purposes of subsection (1) is the sum of $208 and an amount ascertained by dividing by four (or, if the number of eligible children of the contributor or pensioner and of his wife or of her husband in respect of whom pension is payable under this section is greater than four, by the number of those children) the amount of the annual rate of the pension that, but for the death or divorce of the wife or husband of the contributor or pensioner would, by virtue of subsection (1) of section 46 or subsection (1) of section 47, as the case may be, have been payable to the wife or husband or would have been so payable but for subsection (2) of section 46 or subsection (2) of section 47.
(3) In the application of subsection (1) in relation to a deceased pensioner who remarried after he or she became a pensioner, the reference in that subsection to the wife or husband of a pensioner shall be read as not including a reference to the person who became the wife or husband of the pensioner on that remarriage.
(4) Where the present value, as determined by the Board, of a pension or pensions payable, on the death of a contributor, under subsection (1) is less than the contributions made by the contributor, the amount of the difference shall be paid to the personal representatives of the contributor or, if there are no such personal representatives, to such persons, if any, as the Board determines.
(5) This section does not apply in respect of a contributor who dies on or after 1 July 1976.