1964_ESTATE_DUTY_ORDINANCE — Page 34

1983 Ed.]

Estate Duty

[CAP. 111

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(b) in the case of any death occurring on or after 8 December 1941 and before 2 March 1946, the latter date shall be sub- stituted for the date of the death referred to in the second and eleventh lines of this subsection. (Added, 24 of 1950, Schedule)

(2) For the purposes of this section, no account shall be deemed to have been delivered until the duty which reasonably appears to be payable in respect thereof has been paid, unless the Commissioner shall have allowed payment of the estate duty in respect of the said account to be postponed.

(3) For the purposes of this section, interest shall be charged only on the duty which would have been payable if the duty had been charged at the rate set out in the applicable Schedule. (Added, 47 of 1962, s. 8)

Duty of executor as to unregistered shares.

17. (1) Every executor, within one year after obtaining pro- bate or letters of administration to the estate of a deceased person and before selling or otherwise disposing of any shares in any company, registered under or incorporated by any Ordinance of the 31/90310 Colony, of which shares the deceased person was at the date of his death the beneficial owner under a transfer in blank and not the registered owner, shall cause such shares to be transferred on the registers of the appropriate companies into the name of the deceased, who shall then be deemed to have been so registered at the time of his death.

(2) Every such company, notwithstanding anything in any enactment or in its constitution, memorandum, articles or regula- tions to the contrary, shall effect registration on payment of the usual registration charges (if any) and in default shall be liable on summary conviction to a fine of $1,000.

(3) Every executor who without reasonable excuse omits to obtain the registration of any such shares as aforesaid within the time limit aforesaid shall be liable to pay to the Commissioner in addition to the estate duty (if any) a penalty of $1,000, or, at the option of the Commissioner, a penalty equal to the amount of the estate duty (if any) at the rate set out in the applicable Schedule.

18. (1) Subject to subsection (2)-

(a) a rateable part of the estate duty on an estate, in propor- tion to the value of any property which does not pass to the executor as such, shall be a first charge on the property in respect of which estate duty is leviable;

(b) a rateable part of the estate duty on an estate paid by in- stalments under section 12(8), in proportion to the value of any leasehold property held solely by the deceased, shall be a first charge on the property:

Provided that the property shall not be chargeable as against a bona fide purchaser thereof for valuable consideration without notice. (Replaced, 1 of 1959, s. 15)

Charge of estate duty on property: 1894 c. 30. s. 9.