38479-1914-Supplementary-Bill-read-a-first-time--Estate-Duty — Page 1

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LEGISLATIVE COUNCIL.

No. S. 190.—The following Bill was read a first time at a Meeting of the Council held on the 25th June, 1914:-

Short title.

Repeal.

Interpreta- tion of terms.

Commis- sioner.

Deceased Person,

The Deceased.

Estate Duty.

Executor.

Incum- brances,

Interest in expectancy.

Probate.

Property.

Property passing on the death.

Prescribed,

Settlement.

A BILL

ENTITLED

An Ordinance to provide the levy of Estate Duty payable in respect of the estates of deceased persons.

Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-

1. This Ordinance may be cited as the Estate Duty Ordinance, 1914, and shall come into force on the day of

1914.

2. From and after the commencement of this Ordinance the several enactments specified in the Second Schedule are hereby repealed to the extent set out therein,

3. In this Ordinance, unless the context otherwise requires,—

"Commissioner " means the Registrar of the Supreme Court, or such other person as the Governor may, by noti- fication in the Gazette, appoint to carry out the provisions of this Ordinance :

"Deceased Person

» and

•

The Decensed "

mean a per- sor lying after the commencement of this Ordinance :

Estate Duty

"

"1

means estate duty under this Ordinance:

"Execator means the executor or administrator of a decensed person and includes, as regards any obligation under this Ordinanec, any person who takes possession of ntermeddles with the property of a deceased person or any portion thereof:

OF

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** Incumbrances include mortgages and terminablo charges:

Interest in expectancy "includes an estate in remain- der or reversion and every future interest whether vested or contingent, but does not include a reversion expectant upen the determination of leases:

"Probate" includes Letters of Administration;

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Property" includes movable and immovable property, and the proceeds of sale thereof, and any money or invest- ment for the time being representing the proceeds of sale, and any estate in any property movable or immovable and any debt and any thing in action and any other right or interest in the nature of property whether in possession or

not:

"

"Property passing on the death includes property passing either immediately on the death or after any inter- val, and either originally or contingently, and either originally or by way of substitutive limitation, and the expression "on the death" includes "at a period ascer- tainable only by referquce to the death"

"Prescribed" menua prescribed by Rules made by the Guvernor-in-Council under this Ordinance:

•

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 definite and certain property is settled or agreed to be settled in any manner for any purpose whatsoever: