Obligation
of secrecy.
Saving for rights of joint holders, etc.
Estate Duty
954
29. Any person employed in connexion with business arising under these regulations shall not disclose to any person, other than the Accountant-General or any person employed in carrying these regulations into execution, the name of the purchaser or holder of any certificate, number of certificates purchased by any person, or the amount repaid in respect of any certificates.
30.-(1) Nothing in these regulations relating to joint holders of certificates shall affect the mutual rights of any joint holders.
(2) Nothing in these regulations relating to trustees shall as between any trustees or as between any trustees and the beneficiaries under a trust be deemed to authorize the trustees to act otherwise than in accordance with the rules of law applying to the trust and the terms of the instrument (if any) constituting the trust.
31. Where the Accountant-General is satisfied that the estate of a deceased holder of a certificate (not being a person who held certificates solely as trustees for any other person), after deduction of debts and funeral expenses, exceeds one thousand dollars, he shall, before making any repayment in respect of the certificate, or trans- ferring the certificate, otherwise than to or as directed by the legal personal representative of the deceased holder, require the production of a certificate of the Commissioner of Estate Duties that the estate duty payable in respect of such savings certificate has been duly paid, or a statement from the Commissioner that no such duty is payable.
Objects and Reasons.
The heading to the bill sets out at length the reasons for this legislation. In brief the object is to provide for the issue of War Savings Certificates. The money raised will be made a gift to His Majesty's Government in the form of war materials purchased in the Colony.
It is considered that the people of the Colony will be anxious to avail themselves of the opportunity provided by the bill to further the war effort. Similar certificates have proved very popular in various parts of the Empire.
The bill is based on the Straits Settlements War Savings Certificates Ordinance, No. 33 of 1940. A table of corre- spondence is attached.
C. G. ALABASTER,
Attorney General.
October, 1941.
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