45. Subject to section 46, where not less than two-thirds of the market value of the property transmitted owing to the death of a person to a beneficiary consists of shares or immoveables, this beneficiary may elect, in the form prescribed by the Minister and within the required period for the filing of the declaration contemplated in section 50, to pay the duties owed by him in equal consecutive annual instalments, not exceeding four, as specified in his election, provided that he furnishes such security as the Minister considers sufficient.
The first instalment must be paid not later than the date on which the duties would otherwise have been payable, and the other instalments, not later than the same date in each of the subsequent years.
Interest at the rate fixed under section 28 of the Act respecting the Ministère du Revenu (chapter M-31) must be paid on any instalment so paid for the period extending from the date on which the duties would otherwise have been payable until the day of payment.
1978, c. 37, s. 45; 1980, c. 7, s. 9.