Companies Death Duties (Amendment) Act 1900 (NSW)

Act No. 76, 1900.

An Act to amend the Companies (Death Duties)

Act, 1899. [11th December, 1900.]

BE it enacted by the Queen 's Most Excellent Majesty, by and with	Assembly of New South Wales in Pa r l i amen t assembled, and by the the advice and consent of the Legislat ive Council and Legislat ive au thor i ty of the same, as follows:—
1. This Act may be cited as the " Companies Death Duties (Amendment) Act, 1900," and shall be construed as one with the Com­ panies (Death Duties) Act, 1899 (hereinaf ter in this Act called the
Pr inc ipa l Ac t ) .

ca r ry ing on a business mentioned in section one of the Pr incipal Act has died before or dies af ter the commencement of this Act, and p roba te or le t ters of adminis t ra t ion of the es ta te of such member are , af ter the commencement

2. Section four of the Pr inc ipa l Act is hereby repealed.
3. Where a member of any company within the descript ion and

commencement of this Act, notified to or lodged with such company, such company, within six months from the day when the probate or le t ters of adminis t ra t ion were notified to or lodged with the company, or such fur ther time as the Commissioner may allow, shall cause to be delivered to the Commissioner of S tamps a r e tu rn giving the name and address of such member, the da te when the probate or let ters of adminis­ t ra t ion were notified to or lodged with such company, the number, description, and value of the shares in the said company held by such member at the time of his death, and shall pay the duty thereon.

If any such list is not delivered in accordance with the provisions of this section, the company making default shall be liable to a penalty not exceeding fifty pounds.

4. Notwiths tanding anything in section seven of the Principal

A c t ­

(a)	the duty mentioned in that section shall not be payable where the value of the shares and stock in the company held by the member at the time of his death does not exceed one thousand pounds ;
(b)	the said duty shall not be payable in respect of shares or stock other than shares or stock in a company held by a member of such company, nor when the only pastoral business carr ied on by the company relates to proper ty that has fallen into the hands of such company by reason of foreclosure or conveyance of the equity of redemption in discharge of a mor tgage debt or re la tes to p rope r ty acquired by such company for the purpose of working the same in connection with the p roper ty so fore­ closed or conveyed as aforesaid;
(c)	the said duty shall be recoverable under the Principal Act at any time after the expirat ion of six months from the day on which proba te or letters of adminis t ra t ion were notified to or lodged with the company, and not sooner.

5. Any payment after the commencement of this Act by a com­ pany of any duty imposed by the Principal Act in respect of shares or stock in tha t company held by a member at the time of his death shall be deemed to be a payment on behalf of the personal estate of such member, and may by the company be deducted from any moneys payable by the company to the personal representa t ives of such member in respect of such shares or stock, or recovered by suit or action from such representa t ives .

6. The Schedule to the Principal Act is hereby amended in
respect of shares and stock in a company held by a member of such
company dying after the commencement of this Act by increasing the

duty payable, where the value of such shares and stock held by such member a t the t ime of his death exceeds five thousand pounds and does not exceed six thousand pounds, from two per centum, as in tha t Schedule mentioned, to three pe r centum.