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is entitled to be paid such dividend under a bonâ fide declaration of trust in favour of a specified person or firm, or otherwise as a bona fide cestui que trust, or (d) such other person has bonâ fide lent money on the security of the share in question and is entitled by the express written terms of the loan agreement to claim such dividend.
(4) For the purposes of this section, notwithstanding any declaration of trust or agreement whatsoever, no unregistered beneficial owner of any share shall be deemed to be entitled as a cestui que trust to be paid any dividend on such share by any previous registered owner of such share.
(5) Every person who contravenes any of the provisions of this section shall upon summary conviction be liable to a fine not exceeding one thousand dollars or not exceeding the total amount of the dividend in question, which- ever limit be the greater.
Annexe B.
Presumption as to shares
standing in the name of the deceased.
Onus as regards proof of compliance with provisions
of Stamp Ordinance relating to the passing
on of
dividends.
Appeal.
DRAFT SECTION
intended to make registration prima facie evidence of
beneficial ownership at death, and to render a deceased's
estate liable for contraventions of the dividends section.
(1) If the registered owner of any share on a share register which is by law required to be kept within the Colony dies, such share shall for the pur- poses of the Estate Duty Ordinance, 1915, be deemed to be part of the estate of the deceased, unless the legal personal representative of the deceased proves to the satisfaction of the Commissioner that such share did not form part of the estate of the deceased at his death.
(2) If in any case falling within the provisions of sub-section (1) the legal personal representative of the deceased proves to the satisfaction of the Commissioner, or of the Supreme Court on appeal as under section 17 of the Estate Duty Ordinance, 1915, that the share in question did not form part of the estate of the deceased at his death, the estate of the deceased shall be liable to the Commissioner for the payment of an amount equal to the estate duty which would have been payable in respect of such share if it had formed part of the deceased's estate, unless the legal personal representative of the deceased proves to the satisfaction of the Commissioner that the deceased did not con- travene any of the provisions of section of the Stamp Ordinance, 1921, re- lating to the passing on of dividends.
(3) An appeal to the Supreme Court, as under section 17 of the Estate Duty Ordinance, 1915, shall lie from any decision of the Commissioner under sub-section (1) or sub-section (2) of this section.