1964_ESTATE_DUTY_ORDINANCE — Page 7

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CAP. 111]

Estate Duty

(1983 Ed.

(Cap. 112.)

31/90510

"distributed assets" means, in relation to a company, assets of the company to which section 35(3) applies which were disposed of or distributed by the company as mentioned in that subsection, and "value of the distribution" means, in relation to any distributed assets, the value thereof or, if partial consideration, other than the extinguishment, or an alteration, of rights attaching to shares in or debentures of a company to which that section applies, was given for the distribution in money or money's worth received by the company for its own use and benefit, the value thereof less the value of the consideration given;

"dividend” includes a bonus chargeable to tax under the Inland Revenue Ordinance and also any bonus which would be so chargeable if it had arisen in or been derived from the Colony;

"estate duty" means duty chargeable under this Ordinance;

"executor" means the executor or administrator of a deceased person and includes, as regards any obligation under this Ordinance, any person who takes possession of or intermeddles with the property of a deceased person or any portion thereof;

"incumbrance" includes mortgage and terminable charge;

"interest in expectancy” includes an estate in remainder or reversion

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and every future interest whether vested or contingent, but does not include a reversion expectant upon the determination of a lease;

"member" means, in relation to a company, a holder in his own right of any share in or debenture of the company, and a person interested in any share in or debenture of the company held, whether by himself or another, otherwise than in the holder's own right;

"officer" means, in relation to a company, any person who exercises the functions of a director, manager, secretary or liquidator of the company;

"payment" includes a transfer of property and a set-off or release of an obligation, and references to the amount of a payment include, in relation to property transferred or to an obligation set-off or release, references to the value thereof;

"periodical payment" means a payment by way of dividend or interest, a payment by way of remuneration not being a single lump sum payment, and any other payment being one of a series of payments, whether inter-connected or not, whether of the same or of varying amounts, and whether payable at regular intervals or otherwise;

"property" includes movable and immovable property and the proceeds of sale thereof respectively and any money or invest- ment for the time being representing the proceeds of sale;