1950_ESTATE_DUTY_ORDINANCE — Page 7

Estate Duty.

ment with any other person), so that the beneficial interest therein or in some part thereof passes or accrues by survivorship on his death to such other person;

(e) property passing under any past or future settlement made by the deceased by deed or any other instru- ment not taking effect as a will, whereby an interest in such property or the proceeds of sale thereof, for life or any other period determinable by reference to death is reserved, either expressly or by implica- tion, to the settlor, or whereby the settlor may have reserved to himself the right by the exercise of any power to restore to himself, or to reclaim the absolute interest in such property or the proceeds of sale thereof;

[CAP. 111

44 & 45 Vict. 52 & 53 Vict. 57 & 58 Vict.

c. 12, s. 38 (2);

c. 7, s. 11;

c. 30, s. 2 (1).

c. 30, s. 2 (1).

(f) any annuity or other interest purchased or provided 57 & 58 Viet,

by the deceased either by himself alone or in concert or by arrangement with any other person, to the extent of the beneficial interest accruing or arising by survivorship or otherwise on the death of the deceased; and

c. 22, s. 39.

(g) debts and sums of money due and owing from 25 & 26 Vict.

persons in the Colony to any deceased person at the time of his death on obligation or other specialty, to the same extent as if they were owing to the deceased upon simple contract, without regard to the place where the obligation or specialty shall be at the time of the death of the deceased.

(2) Property passing on the death of the deceased shall not be deemed to include property held by the deceased as trustee for another person, under a disposition not made by the deceased or under a disposition made by the deceased more than three years before his death where possession and enjoyment of the property was bona fide assumed by the beneficiary immediately upon the creation of the trust and thenceforward retained to the entire exclusion of the deceased or of any benefit to him by contract or otherwise: Provided that where property taken under such a disposition as afore- said 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 disposition, retained to the entire exclusion of the deceased or a person who had an estate or interest

267

perty.

Trust pro- 57 & 58 Vict 10 Edw. 7,

c. 30, s. 2 (3);

c. 8, s. 59.