D-16 - Succession Duties Act

Section 59 Disposition versions

1977-12-31

59. Whenever property the income thereon or the revenue therefrom is given or bequeathed to a trustee for the purposes contemplated by section 13 of this act, or to a corporation or society especially organized to carry out the same purposes, the Minister of Revenue shall, during the existence of the trust, corporation or society, ascertain that the provisions and conditions of the instrument disposing of the said property, income thereon or revenue therefrom are executed and, for such purpose:

(1)  he may examine the books, accounts, documents and vouchers of said trustee, corporation or society;

(2)  said trustee, corporation or society shall forward to the Minister, on or before the 1st of March of each year, a report respecting his or its operations for the year ended December thirty-first next preceding.

Such report shall contain a statement showing:

(a)  the property held under said trust or by said corporation or society;

(b)  the liabilities of said trust, corporation or society;

(c)  the receipts and disbursements, with reference to the names and addresses of all institutions, corporations or persons to whom any payment was made.

Any sum of money paid in contravention of the provisions of the trust or used for other purposes than those for which said corporation or society was organized shall be subject to the duties imposed by section 9 of this act.

R. S. 1964, c. 70, s. 49; 1972, c. 29, s. 30.