1959-HKRS28-8-26_Part01 — Page 5

Qifts creating bundens or releasing rights.

3 & 4 Geo. 6. c. 29.

£ 45(1)

& (2).

3 & 4 Geo. 6, c. 29,

6. 58(2).

3 & 4 Geo.

6. c. 29,

+ 38(3),

6

(c) money which a person has a general power to charge on property shall be deemed to be property of which he has power to dispose;

(d) the creation by a person or with his consent of a debt or other right enforceable against him personally or against property of which he was or might become competent to dispose, or to charge or burden for his own benefit, shall be deemed to have been a disposition made by that person, and in relation thereto the expression ""property" shall include the debt or right created; (c) the extinguishment at the expense of the deceased of a debt or other right shall be deemed to have been a disposition made by the deceased in favour of the person for whose benefit the debt or right was extinguished, and in relation thereto the expression "property" shall include the benefit conferred by the extinguishment of the debt or right;

(3) A person shall be deemed to have made a transfer of property to a company if the property came to be included in the resources of the company by the effect of a disposition made by him or with his consent or of any associated operations of which such a disposition formed

one.

(4) A person shall be deemed to have received or had any payment, income, profit, enjoyment, assets, or interest, the receipt or having whereof by him is relevant for the purposes of this Ordinance, if any of the following con- ditions have been satisfied in relation thereto, that is to say

(a) if the relevant payment or other matter has been applied in any manner for the benefit of that person, or has been dealt with by that or any other person in any manner calculated to cause it to inure for the benefit of that person at any time, whether in the form of income or not or if any property which was or would be available for the purpose by reason of the effect or successive effects of any one or more of associated operations relating to the relevant payment or other matter has been so applied or dealt with;

(b) if any advantages received or to be received at any time by that person have been provided out of that payment or other matter, or out of any such property as aforesaid;

3 & 4 Oco. 6. c. 29, 5804).

7 & 3 Eliz. 2. c. 44. * 29(6).

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(c) if that person became able in any manner to control the application of the relevant payment or other matter, or of any such property as afore- said, otherwise than in a fiduciary capacity:

(f) if the relevant payment or other matter, or any such property as aforesaid, has been applied in any manner so as to increase the value to that person of any property in which he was bene- ficially interested: or

(e) as respects such profits as are mentioned in sec- tion 33, if the receipt by, or accrual to, the com- pany of those profits operated in any manner so as to increase the value to that person of any property in which that person was beneficially interested, so however that the amount of the income or profits which that person is to be treated as having received by virtue of this para- graph shall be limited to the amount of the increase in value of the property in question, and references in this Ordinance to the deceased's receiving or having, or being or becoming entitled to receive or have, any such payment or other matter as aforesaid shall be construed accordingly.

(5) References in this Ordinance—–

(a) to a disposition's being made by any person, to a power's being exercised or exercisable by any person, or to any other act's being done by any person, include references to its being made, or being exercised or exercisablec, or being done, by him and another jointly or by another at his direc- tion or by a company of which he had control, or powers equivalent to control, within the mean- ing of subsection (3) of section 41, whether with or without the consent of any other person having similar powers; references importing an omission on the part of any person in relation to any such mailer as aforesaid shall be construed in like manner; and references in relation to any such matter, as aforesaid to its being made, or being exercised or exercisable, or being done or omitted, with the consent of any person include references to its being made, or being exercised or exercis- able, or being done or omitted, at his request or with or subject to bis acquiescence;