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"OGIC
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Court of Directors to sign scrips for shares at their respective branches or agencies. On the 19th December 1867, the Court of Directors further authorised the special agent of the Corporation in London to get a duplicate seal of the Corporation made and to affix that seal to shares on, or to be put on, the London
Register.
"Shares held in the above mentioned countries have been habitually transferred on the local Registers and share Certificates have been issued in London, at Shanghai and at Calcutta to the transferees without any reference to the Court of Directors or to the Chief Manager in Hongkong. The Registers kept in Hongkong for shareholders resident in the said countries are merely transcripts of the local Registers kept in London, at Shanghai and at Calcutta respectively, all transfers of shares being reported to Hongkong periodically by the local managers.
"In these circumstances the plaintiff as representing
the Crown claims from the defendant as Executrix of the testator payment of probate duty in Hongkong on the above mentioned 1,472 shares, on the ground that they are situate within the Probate Jurisdiction of this Court and therefore form part of the Estate and effects of the testator upon which probate duty ought to be paid in this Colony. The defendant, on the other hand, resists payment of the probate duty so claimed on the ground that the shares in question are not property locally situate in Hongkong, but are property situate in England and within the jurisdiction of the Supreme Court at Shanghai respectively.
"The defendant admits that there is no express authority in the Ordinances constituting and affecting the Corporation or in the Corporation Deed of Settlement for the opening of the Registere in London, at Shanghai, and at Calcutta. The Corporation is not subject to the provisions of the Companies' Ordinances.
"In this state of facts the following question is raised for the decision of the Court:- Whether the said 1,472
shares