Report No. 110
Payment of Liability in Respect of Subject of Bequest: Sections 167-172
(90) Section 170 (specific bequest of stock in a company) should be suitably amended, so as to add an express mention of shares in a company with: a limited liability. A re-draft of the section is recommended for the purpose.1
1. Para. 27.10.
(91) In regard to section 172, it should be made clear that the section applies to "specific bequests". For this purpose, the section should be amended by should be added, after the word "funds", with consequential changes.1
1. Para. 28.4.
(92) There is an inconsistency between sections 173 and 174, and where a fund is set apart for the payment of an annuity, there arises a conflict between the two sections. To remove the conflict, there should be excluded, from section 174, cases where the annuity is for life only, or where it otherwise appears that it is not intended to be perpetual. Re-drafts of the two sections on the above basis are recommended1.
1. Paras. 29.3 and 29.4.