Probate not
to be issued until estate duty paid.
When value cannot be ascertained immediately.
Deferred payment,
57 & 58 Vict. c. 30, s. 8 (9).
Increase of estate duty when delay in lodging affidavit.
Duty of Executor as to
shares.
160
duty (if any), a penalty of one thousand dollars, or a penalty equal to the amount of the estate duty (if any) at the rate set out in the applicable Schedule remaining unpaid for which he is accountable, ac- cording as the Commissioner elects.
11.-(1) No probate or letters of administration shall be issued by the court until the Commissioner shall have certified in writing that the estate duty payable in respect of the estate has been paid or that he has allowed payment thereof to be postponed under sub-sections (2) and (3).
(2) When the affidavit for the Commissioner con- tains the statement and undertaking specified in section 8 (3), the Commissioner may allow payment of the whole or any part of the estate duty to be postponed until after the issue of probate or letters of administration upon condition that a further and complete affidavit shall be filed and the proper estate duty paid thereon as soon as the full value of the estate has been ascertained and the Commissioner may require the person applying for such probate or letters of administration to enter into a bond with or without sureties in such an amount as he shall think fit to secure the filing of such affidavit as aforesaid and the payment of the proper estate duty thereon within such time as shall be named in such bond Such bond may be in the prescribed form,
(3) Where the Commissioner is satisfied that the estate duty leviable in respect of any property cannot without excessive sacrifice be raised at once, he may allow payment to be postponed for such period, to such extent and on payment of such interest not exceeding eight per cent, per annum or any higher interest yielded by the property, and on such terms as the Commissioner may think fit.
(4) Where the Commissioner allows payment to be postponed under sub-section (2), he may reduce or remit any interest payable.
12. (1) In every case where any account is delivered after the lapse of twelve months from the death the estate duty shall be charged at three times the rates set out in the applicable Schedule; unless the person accountable for the estate duty proves to the satisfaction of the Commissioner that he has used all reasonable diligence to ascertain the estate of the deceased and could not reasonably have ascertained it earlier, and having ascertained it has used all reasonable diligence to deliver an account and to pay the estate duty thereon: Provided that in any case in which, before the delivery of the account, a grant of probate or of letters of administration or its equivalent had been obtained from a competent court outside the Colony, the period shall be eighteen- months from the death instead of one year.
(2) For the purposes of this section no account shali be deemed to have been delivered until the duty which reasonably appears to be payable in respect thereof has been paid, unless the Commissioner shall have allowed payment of the estate duty in respect of the said account to be postponed.
13.-(1) Every executor, within one year after obtaining probate or letters of administration to the estate of a deceased person and before selling or unregistered otherwise disposing of any shares in any company, registered under or incorporated by any Ordinance of this Colony, of which shares the deceased person was at the date of his death the beneficial owner under a transfer in blank and not the registered owner, shall cause such shares to be transferred on the registers of the appropriate companies into the name of the deceased, who shall then be deemed to. have been so registered at the time of his death.