payment otherwise entitled to such person shall be allocated to the persons who are alive in the proportion described in the second paragraph. If the deceased has no person who shall be entitled to the
to the persons who are alive in the proportion described in the second paragraph. 8 If the deceased has no person who shall be entitled to the payment out of the fund as provided in the second
persons in (1), (2), or (3), or had but such person died before the payment is made, the portion of the payment otherwise entitled to such person shall be allocated to the persons who are alive in the
investor” means any investor which is a financial institution under the Commercial Banking Act, securities company, non-life insurance company, life insurance company, statutory company, mutual fund, private