19. In the case of unlisted, but freely traded in securities, such as debentures, bonds or shares, or an interest in any enterprise or partnership, public or private, general or particular, civil, commercial, industrial or financial, the average price on the day of the death, or the nearest date prior thereto, shall be presumed to be the real value thereof.
If said securities are not freely traded in, the Minister of Revenue shall determine the real value thereof as at the date of death, having regard to sections 17 and 18 and to the pertinent factors which might have a bearing on the said value.
He may request from the heirs, legatees, donees, testamentary executors, trustees or administrators, or from the company, corporation, partnership or enterprise itself, or from its officers, the financial statements, balance sheets, profit and loss statements and operating accounts of the said company, corporation, partnership or enterprise, as are required for the purpose of valuing the securities held by the deceased and all other documents and information which he shall deem necessary.
He may, furthermore, examine the books of the company, corporation, partnership or enterprise and have the real value of its assets ascertained by one or more experts.
For the purposes of this section, the Minister may reduce or disallow any claim for salary, wages, fees or other remuneration, made by members of the family of the deceased or his heirs, legatees, donees or other beneficiaries, against any company, corporation, partnership or enterprise in which the deceased was in any way interested to an extent of over fifty per cent, either alone or together with the members of his family, his heirs, legatees, donees or other beneficiaries.
The refusal to permit the examination of the books of the company, corporation, partnership or enterprise, or to supply the financial statements, balance sheets, profit and loss statements and operating accounts and the other documents and information as prescribed in this section shall render the offender liable to the penalty enacted in section 66.
R. S. 1964, c. 70, s. 18; 1972, c. 29, s. 6.