1 & 4 Goa. 6. c. 29, a. 53.
Penally.
Collection and in-
cideocc
of duly.
3 & 4 Geo.
4. c. 29,
S. 34.
34
the death, of the fact that the deceased made a transfer of property to the company, and of the fact that benefits accrued to the deceased from the company, and every person who was an officer of the company at that date, or, if the company has been wound up and dissolved before that date, who was an officer of the company at any time, shall be under the like obligation as respects such of the facts aforesaid as are within his knowledge, unless he knows, or has reasonable cause for believing, that the information in question has already been given to the Commissioner by the company or some other person.
(2) If such company or any such person as aforesaid who is under obligation by virtue of subsection (1) to give. any information to the Commissioner makes default in the performance of that obligation, every such defaulter sball be liable to a penalty of ten thousand dollars and shall also be liable to a further penalty equal to three times the amount of the estate duty at the rate set out in the applicable Schedule payable upon the whole estate of the deceased,
40, (1) The following persons shall be accountable for the duty payable on the death of the deceased by virtue of section 32, that is to say...
(a) the company;
(b) any person, other than a bona fide purchaser for full consideration in money or money's worth received by the company for its own use and benefit, who receives, whether directly from the company or otherwise, or disposes of, any assçis which the company had, whether as capital or as income, at the death or at any time thereafter,
(c) any person who received any distributed assets of
the company on their distribution:
Provided that a person shall not-
(1) by virtue of paragraph (b), be accountable in respect of any assets for any duty in excess of the value of those assels, or
(ii) by virtue of paragraph (c), be accountable in respect of any assets for more than a part of the duty bearing to the whole thereof the same pro- portion that the value of the distribution of those assets bears to the principal value of the assets of the company passing on the death by virtue of section 32 after making the allowances to be made under section 36.
Inter- pretation.
Foreigo corpora- Lions.
Powers of persous account- able.
Priority of estate duty on winding-up. (Cop. 32)
Charge on assets of
pampany.
Rights
of person paying doty.
35
(2) For the purposes of subsection (1) the expressions "distributed assets" and "assets of the company passing on the death" do not include any distributed assets of the company which the deceased received on their distribution; and a person who, baving received any distributed assets of the company, bas died before the deceased shall be deemed to have been a person accountable by virtue of paragraph (c) of that subsection.
(3) Where a company incorporated outside the Colony is accountable for any duty by virtue of subsection (1) or of this subsection, every person who is a member of that company at the death shall also be accountable for a rateable part of that duty in proportion to the value of his interest in that company.
(4) A person accountable for any duty by virtue of this section shall, for the purpose of raising and paying the duty, have all the powers conferred on accountable parties by this Ordinance.
(5) On a winding up of the company subsection (1) of section 250 of the Companies Ordinance (which determines what debts shall have priority over other debts in a winding up) shall have effect as if there were included in paragraph (a) of that subsection a reference to any duty payable in respect of assets of the company passing on a death by virtue of section 32 of this Ordinance, and section 79 of the Companies Ordinance shall have effect accordingly. (6) The duty payable on the death of the deceased by virtue of section 32 shall be a first charge by way of floating security on the assets which the company had at the death or has at any time thereafter, and any part of the duty for which by virtue of paragraph (c) of subsection (1) any person is accountable in respect of any distributed assets shall be a first charge also on those assets:
Provided that nothing in this subsection shall operate to make any property chargeable as against a bona fide purchaser thereof for valuable consideration without notice.
(7) Where any duty has been-
(a) paid by a person accountable therefor by virtue
only of paragraph (c) of subsection (1); or (b) raised by virtue of subsection (6) out of any
distributed assets charged therewith,
that person, or, as the case may be, the person who was entitled to those assets subject to the charge, may, with- out prejudice to any right of contribution or indemnity