[1958] VR 335
In the Will and Estate of HASTIE, deceased
SUPREME COURT OF VICTORIA
O'BRYAN, J
17-19 February, 14 April 1958
[1958] VR 335
Administration and probate — Probate duties — Seat on Stock Exchange — Sold
after testator's death — Proceeds of sale in hands of executors — Whether
dutiable — "Property" — "Settlement" — Administration and Probate (Estates)
Act 1951 (No. 5590), s2, s4(b)(ii), s4(d)(ii), s4(h)(i).
.
A testator at the date of his death in 1954 had the right to a seat on the
Stock Exchange of Melbourne which he had purchased in 1926, such Exchange
being an unincorporated association of stock and share brokers. After his
death, the seat was sold by the committee of the Exchange pursuant to the
Rules of the Exchange which at that time provided that the balance of the
proceeds of such sale should be paid or applied for the benefit of the widow
or children or next-of-kin of the deceased member. Thereafter the Rules were
amended to provide that such balance was to be paid to a deceased member's
legal representative, but provided that such legal representative should have
no legal claim whatsoever on the property or funds of the Exchange. After the
Rule was so amended, the Committee paid the net proceeds of the sale of the
deceased member's seat to the executors of his will.
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[1958] VR 335
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