28. (1) Where the compensation is payable by an employer individually, the employer may, with the consent of the workman or dependant to whom it is payable and with the authorization of the Commission, but not otherwise, commute the weekly or other periodical payments into a capital sum representing such payments. Where the compensation is payable out of the accident fund, the Commission, of its own motion and at its discretion, may commute such payments into such capital sum.
(2) The capital sum representing payments payable by the employer individually shall be paid to the Commission.
(3) The capital sum may, at the discretion of the Commission, be:
(a) applied in such manner as the workman or dependant may direct;
(b) paid to the workman or dependant;
(c) invested by the Commission and applied from time to time as the Commission may deem most advantageous for the workman or dependant;
(d) paid to trustees who shall employ it upon and subject to such trusts and for the benefit of such persons as may be desired by the workman or dependant and approved by the Commission;
(e) applied in one or several of the modes mentioned above.
(4) Where the compensation is payable out of the accident fund, the Commission may, in any case where, in its opinion, the interest or pressing need of the workman or dependant warrants it, advance to the workman or dependant such sum as the circumstances warrant and as the Commission may determine.