STAMPS.
No. 16 of 1901.
1403
bonâ fide possession and enjoyment immediately upon the gift and thenceforward has retained the same, to the entire exclusion of the donor or of any benefit to him by contract or otherwise;
(b) any property which the deceased person, having been absolutely entitled thereto, has, without valuable consideration, caused to be transferred to or vested in himself and any other person jointly, whether by disposition or otherwise, so that the beneficial interest therein or in some part thereof passes or accrues by survivorship on his death to such other person;
(c) any property passing under any past or future settlement made, without valuable consideration, by the deceased person, by deed or any other instrument not taking effect as a will, whereby an interest in such property for life or any other period determinable by reference to death is reserved, either expressly or by implication, to the settlor, or whereby the settlor may have reserved to himself the right, by the exercise of any power, to restore to himself or to reclaim the absolute interest in such property; and
(d) any money payable under a policy of insurance effected by any person on his life where the policy is wholly kept up by him for the benefit of a donee whether nominee or assignee, or a part of such money in proportion to the premium paid by him where the policy is partially kept up by him for such benefit;
and probate duty shall be payable in respect of all such property included in such list or schedule in the same manner as if such property formed part of the estate and effects of the deceased person for or in respect of which such probate or letters of administration is or are granted.
(3) A covenant to pay any Crown rent and observe and perform any conditions or covenants contained in any Crown lease shall not be deemed to be valuable consideration within the meaning of this section.
(4) A covenant by the transferee in any disposition of an equity of redemption in mortgaged property to pay the mortgage debt and interest or any part thereof, or to indemnify the transferor against such debt and interest or any part thereof, shall not be deemed to be valuable consideration for the transfer of such equity of redemption within the meaning of this section.
23.—(1) It shall be lawful for any person applying for probate or letters of administration, or for the exemplification of probate or
* As amended by No. 34 of 1911 and No. 50 of 1911.
debts for purposes of probate duty.
**