(Cap. 112, 1956 Reprint).
in or debentures of a company, the extinguishment or any alteration of rights attaching thereto, whether effected by a single operation or by associated operations:
"distributed assets" means, in relation to a company, assets of the company to which subsection (3) of section 32 applies which were disposed of or distributed by the company as mentioned in that subsection, and “value of the distribution" means, in relation to any dis- tributed assets, the value thereof or, if partial con. sideration, other than the extinguishment, or an altera- tion, of rights attaching to shares in or debentures of a company to which that section applies, was given for the distribution in money or money's worth received by the company for its own use and benefit, the value thereof less the value of the consideration given; "dividend" includes bonus chargeable to tax under the Inland Revenue Ordinance and also any bonus which would be so chargeable if it had arisen in or been derived from the Colony.
"estate duty" means duty chargeable under this Ordinance: "executor" means the executor or administrator of a deceased person and includes, as regards any obliga- tion under this Ordinance, any person who takes possession of or intermeddles with the property of a deceased person or any portion thereof; "incumbrance" includes mortgage and terminable charge: "interest in expectancy" includes an estate in remainder or reversion and every future interest whether vested or contingent, but does not include a reversion ex- pectant upon the determination of a lease; "member" means, in relation to a company, & holder in his own right of any share in or debenture of the company, and a person interested in any share in or debenture of the company held, whether by himself or another, otherwise than in the holder's own right; "officer" means, in relation to a company, any person whe exercises the functions of a director, manager, secretary or liquidator of the company: "payment" includes a transfer of property and a set-off or release of an obligation, and references to the amount of a payment include, in relation to property trans- ferred or to an obligation set-off or released, references to the value thereof;
37 & 58 VicL c. 30. s. 22(2).
5
"periodical payment" means a payment by way of dividend or interest, a payment by way of remuneration not being a single lump sum payment, and any other pay- ment being one of a series of payments, whether inter- connected or not, whether of the same or of varying amounts, and whether payable at regular intervals or otherwise:
"property" includes movable and immovable property and the proceeds of sale thereof respectively and any money or investment for the time being representing the proceeds of sale:
"property passing on the death" includes property passing either immediately on the death or after any interval, and either certainly or contingently, and either originally or by way of substitutive limitation, and “on the death" includes "at a period ascertainable only by reference to the death":
"power" includes any right or power exercisable by virtue of the holding of shares in or debentures of a com- pany, and any right or power to procure an issue of shares in or debentures of a company:
"settlement" means any non-testamentary disposition in writing, whether made voluntarily or upon a good or valuable consideration other than a bona fide pecuniary consideration, whereby any defloite and certain property is settled or agreed to be settled in any manner for any purpose whatsoever.
(2) For the purposes of this Ordinance- (a) a person shall be deemed competent to dispose of property if he has such an estate or interest therein or such general power as would, if he were sui juris, enable him to dispose of the property; and "general power" includes every power or authority enabling the donec or other holder thereof to appoint or dispose of property as he thinks fit, whether exercisable by instrument inter vivos or by will, or both, but exclusive of any power exercisable either in a fiduciary capacity under a disposition not made by himself or as mortgagee:
(b) a disposition taking effect out of the interest of the deceased person shall be deemed to have been made by him, whether the concurrence of any other person was or was not required;