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Provision for dealing with small amounts of Government stock belonging to deceased persons.
5 & 6 Geo. 5. c. 93.
33 & 34 Vict. c. 71. 1 & 2 Geo. 5. c. 48.
57 & 58 Vict. c. 30.
7 Will. 4. and 1 Vict. c. 26.
7 & 8 Geo. 5. c. 58.
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38.—(1) Where the bank have reason to believe that any person in whose name any war stock of an amount not exceeding in the aggregate one hundred pounds in nominal value or in actual value, whichever is the less, is standing has died the Bank may, in such manner as may be prescribed by regulations made under section one of the War Loan (Supplemental Provisions) Act, 1915, transfer the stock from the books of the Bank to the Post Office Stock Register established under that Act, and may in such manner as may be so prescribed remit any dividends accrued thereon on the Postmaster General to be dealt with in the same manner as if the stock had been inscribed in the said register at the time when they accrued due.
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(2) Where the Bank have reason to believe than any person in whose name any Government stock of a nominal amount not exceeding in the aggregate five hundred pounds is standing has died in actual military service, and that he was a person resident in some part of His Majesty's dominions outside the British Islands, the Bank may on an application inthat behalf made under this section by the proper authority and on an undertaking by the proper authority to answer for any death duties leviable in respect of the stock and any dividends accrued thereon, and to deal with the stock or the proceeds of sale thereof and any dividends thereon in accordance with the provisions of this section, hold the stock together with any dividends which have accrued, or which may thereafter accrue thereon at the disposal of the proper authority, and thereupon the stock shall become transferable by, and any dividends thereon shall become payable to, the proper authority as if that authority were the legal personal representative of the deceased person.
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(3) Where any stock is transferred or where any dividends are remitted or paid under or in pursuance of this section, the transfer, remittance, or payment, as the case may be, shall be deemed to have been properly made and the Bank shall be discharged from all liability in respect of the stock transferred and the dividends remitted or paid.
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(4) Where any stock is held at the disposal of or any dividends thereon are paid to the proper authority under or in pursuance of this section, that authority may, after making provision for the payment of any death duties leviable in respect of the stock and of the dividends, transfer the stock or any part of the stock to, or pay the proceeds of sale thereof or any part of those proceeds, to any person who, in the opinion of the proper authority, establishes a valid claim to the said stock or the proceeds of sale or any part thereof, and the receipt of any person to whom payment is made under or in pursuance of this subsection shall be a good discharge to the proper authority for the sum paid and any stock transferred to any person under or in pursuance of this subsection shall be deemed to have been properly transferred, and the proper authority shall be discharged from all liability in respect of the sum paid or the stock transferred.
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(5) For the purposes of this section—
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The expression “the Bank” means the Bank of England or the Bank of Ireland, as the case may be;
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The expression “proper authority” means the High Commissioner or agent in London of the Dominion or Colony in which the deceased person was resident, or any other person recognised by the Treasury as being in relation to the deceased person the proper authority for the purposes of this section;
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The expression “Government stock” means any stock or bonds which are for the time being transferable in the books of the Bank under the National Debt Act, 1870, or by deed under section seventeen of the Finance Act, 1911;
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The expression “war stock” means any Government stock issued in connection with any loan raised for the purposes of the present war;
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This expression “death duties” has the same meaning as in subsection (3) of section thirteen of the Finance Act, 1894;
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A person shall be deemed to have died in actual military service if he was a person to whom at the time of his death the provisions of section eleven of the Wills Act, 1837, as amended by the Wills (Soliders and Sailors) Act, 1918, applied or would have applied if he had been domiciled in England.
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