191790-1932-Supplementary-Estate-Duty — Page 12

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(2) Every such company, notwithstanding any thing in any enactment or in its constitution, memo- randum, articles or regulations to the contrary, shall effect registration on payment of the usual registration charges (if any) and in default shall be liable summary conviction to a fine not exceeding one thousand dollars.

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(3) Every executor who without reasonable excuse omits to get any such shares as aforesaid registered within the time limit aforesaid shall be liable to pay to the Commissioner in addition to the estate duty (if any) a penalty of one thousand dollars, at the option of the Commissioner, a penalty equal to the amount of the estate duty (if any) t The rate set out in the applicable Schedule.

14. (1) A rateable part of the estate duty on an Charge of estate, in proportion to the value of any property estate duty which does not pass to the executor as such, shall ou property. be a first charge on the property in respect of which 57 & 58 Vict.

.30, s. 9. estate duty is leviable: Provided that the property shall not be so chargeable as against a bona fide purchaser thereof for valuable consideration without notice.

(2) If the rateable part of the estate duty in respect Reimburse- of any property is paid by the executor, it shall where ment of occasion requires be repaid to him by the trustees or executor. owners of the property.

(3) A person authorised or required to pay the estate duty in respect of any property shall, for the Raising

estate duty purpose of paying the estate duty or raising the by sale amount of the estate duty when already paid, have mortgage or power, whether the property is or is not vested in terminable him, to raise the amount of such estate duty and any

charge. interest and expenses properly paid or incurred by him in respect thereof by the sale or mortgage or a terminable charge on that property or any part there- of.

(4) A person having a limited interest in any property who pays the estate duty in respect of that by limited

Payment property shall be entitled to the like charge as if the owner. estate duty in respect of that property had been raised by means of a mortgage to him.

(5) Any money arising from the sale of property Payment of comprised in a settlement or held upon trust to lay duty out of out upon the trusts of a settlement may be expended "capital in paying any estate duty in respect of property com- money". prised in the settlement and held upon the same trusts.

15.-(1) In the case of property which does not pass to the executor as such, an amount equal to the tion of

Appropria- proper rateable part of the estate duty may be re- estate duty. covered by the person, who being authorised or 57 & 58 Vict. required to pay the estate duty in respect of any c. 30, s. 14. property has paid such duty, from the person entitled to any sum charged on such property (whether as capital or as an annuity or otherwise) under a dis- position not containing any express provision to the contrary.

(2) Any dispute as to the proportion of estate duty Disputes. to be borne by any property or person may be deter- mined upon application by way of summons in the Supreme Court, and where the amount claimed does not exceed one thousand dollars such application shall be made to the Supreme Court in its summary jurisdiction.

(3) Any party from whom a rateable part of estate Parties duty can be recovered under this section shall be bound by bound by the accounts and valuations as settled accounts between the person entitled to recover the same and as settled. the Commissioner.