1375
**Prescribed" unless otherwise stated means Prescribed. prescribed by the Governor in Council under
this Ordinance.
"Property" includes movable and immov- Property. able property and the proceeds of sale thereof respectively and any money or investment for the time being representing the proceeds of sale.
"
on the
death.
"Property passing on the death includes Property property passing either immediately on the passing death or after any interval, and either certainly or contingently, and either originally or by way of substitutive limitation, and "on the death" includes "at a period ascertainable cnly by reference to the death".
T
"Settlement" means any non-testamentary Settle- disposition in writing, whether made voluntarily ment. or upon a good or valuable consideration other than a bona fide pecuniary consideration, where- by any definite and certain property is settled or agreed to be settled in any manner for any purpose whatsoever.
57 & 58 Vict
(2) For the purposes of this Ordinance, A person shall be deemed competent to dispose c. 30, s. of property if he has such an estate or interest 22 (2). therein or such general power as would, if he were sui juris, enable him to dispose of the property; and "general power" includes every power or authority enabling the donee or other holder thereof to appoint or dispose of property as he thinks fit, whether exerciseable by instrument inter vivos or by will, or both, but exclusive of any power exerciseable either in a fiduciary capacity under a disposition not made by himself or as mortgagee.
to
A disposition taking effect out of the interest -of
the deceased person shall be deemed have been made by him, whether the concurrence of any other person was or was not required.
Money which a person has a general power to charge on property shall be deemed to be property of which he has power to dispose.
4. In the case of every deceased person there shall, Estate Duty save as hereinafter expressly provided, be levied and 57 & 58 Vict. paid upon the principal value, ascertained as herein. c. 30, s. 1. after provided, of all property passing on the death of such person, a stamp duty called estate duty at the graduated rates mentioned in the applicable Schedule: Schedules. Provided that, where the principal value of an estate comprises fraction of one hundred dollars, such fraction shall, for the purpose of determining the amount of estate duty payable, be reckoned as one hundred dollars.
Provided also that where an interest in expectancy 9 & 10 Geo. in any property has, before the twenty-seventh day 5, c. 32, of February, 1931, been bonâ fide sold or mortgaged s. 29. for full consideration in money or money's worth, then no higher duty on that property shall be payable by the purchaser or mortgagee when the interests falls into possession than is in accordance with the rates mentioned in the Second Schedule, and in the case of a mortgage any higher duty payable by the mortgagor shall rank as a charge subsequent to that of the mortgagee.
5.-(1) Property passing on the death of the What pro- deceased shall be deemed to include the property perty is following:
(a) property of which the deceased was at the time of his death competent to dispose;
deemed to pass on death.
57 & 58 Vict. c. 30, s.