Debentures of the Province of Nova Scotia are, by statute, "not liable to taxation for provincial, local or municipal purposes " in the piovince.
L. by his will, after making certain bequests, directed that the residue of his property, which included some of these debentures, should be converted into money to be invested by the executors and held on certain specified trusts.
This direction was carried out after his death, and the Attorney General claimed succession duty on the whole estate.
Held, affirming the judgment appealed against (35 N. S. Rep. 223), Sedgewick and Mills JJ. dissenting, that although the debentures themselves were not liable to the duty either in the hands of the executors or of the purchasers, the proceeds of their sale when passing to legatees were.
Costs will be given for or against the Crown as in other cases. APPEAL from a decision of the Supreme Court of Nova Scotia (1) in favour of the Attorney General on a case stated for the opinion of the court.
The case so stated was as follows:
:-Sir Elzdar Taschereau, C. J. and Sedgewick, Davies, and Armour JJ.
:-Sir Elzdar Taschereau C. J. and Sedgewick, Girouard,. Davies and Nesbitt JJ.
(1) N. Rep.