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(2.) For the purpose of this Ordinance,-

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 the expression "general power” includes every power or authority enabling the donee 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 il disposition not made by himself or as mortgagee.

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. 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.

57 and 58 Vict. c. 30, s. 22 (2).

4.—(1.) In the case of every deceased person there shall, Estate duty. save as hereinafter expressly provided, be levied and paid 57 and 58 Vict. c. 30, upon the principal value, ascertained as hereinafter provid-1 ed, of all property which passes on the death of such person, a stamp duty called "estate duty" at the graduated rates mentioned in the Second Schedule. Provided that, where the principal value of an estate comprises a fraction of $100, such fraction shall, for the purpose of determining the amount of estate duty payable, be reckoned as $100.

(2.) In the case of any person dying before the com- 57 and 58 mencement of this Ordinance the duties payable under the Vict. c. 30, Stamp Ordinance, 1901, shall continue to be payable in all s. 21 (2). respects as if this Ordinance had not been passed.

5.-(1.) Property passing on the death of the deceased What shall be deemed to include the property following, that is to say :-

property is deemed to pass on

57 and 58

10 Edw. 7 c. 10, s. 59.

(a.) property of which the deceased was at the death.

time of his death competent to dispose; (b.) property in which the deceased or any other Vict. c. 30,

person had an interest ceasing on the death of §. 2 (1) : the deceased, to the extent to which a benefit 63 Vict. c. 7, accrues or arises by the cesser of such interest, s. 11: and such property shall be deemed to pass on the death of the deceased notwithstanding that that estate or interest has been surrendered assured divested or otherwise disposed of, whether for value or not, to or for the benefit of any person entitled to an estate or interest in remainder or reversion in such property, unless that surrender assurance divesting or disposition was bona fide made or effected three years before the death of the deceased, and bonâ fide possession and enjoyment of the property was assumed thereunder immediately upon the sur- render assurance divesting or disposition, and thenceforward retained to the entire exclusion of the person who had the estate or interest limited to cease as aforesaid, and of any beuefit to him by contract or otherwise : Provided that where property affected by such a surrender assurance divesting or disposi- tion is deemed to be property passing on the death of the deceased by reason only that the property was not, as from the date of the surrender assurance divesting or disposition, retained to the entire exclusion of the deceased or a person who had an estate or interest limited to cease on the death of the deceased, and of any benefit to him by contract or otherwise, the property shall not be deemed to pass on the death of the deceased if subsequently, by means of the surrender of the benefit reserved or otherwise, it is enjoyed to the entire exclusion of the deceased or such other person as afore-