{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff0\deff0\stshfdbch31505\stshfloch31506\stshfhich31506\stshfbi0\deflang1033\deflangfe1033\themelang1033\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}
{\f1\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0604020202020204}Arial;}{\f34\fbidi \froman\fcharset1\fprq2{\*\panose 02040503050406030204}Cambria Math;}
{\flomajor\f31500\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}{\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}
{\fhimajor\f31502\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;}{\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}
{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}{\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}
{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times New Roman};}
{\f39\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}{\f40\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}{\f42\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}
{\f43\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}{\f44\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}
{\f45\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}{\f46\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}
{\f47\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}{\f49\fbidi \fswiss\fcharset238\fprq2 Arial CE;}{\f50\fbidi \fswiss\fcharset204\fprq2 Arial Cyr;}{\f52\fbidi \fswiss\fcharset161\fprq2 Arial Greek;}
{\f53\fbidi \fswiss\fcharset162\fprq2 Arial Tur;}{\f54\fbidi \fswiss\fcharset177\fprq2 Arial (Hebrew);}{\f55\fbidi \fswiss\fcharset178\fprq2 Arial (Arabic);}{\f56\fbidi \fswiss\fcharset186\fprq2 Arial Baltic;}
{\f57\fbidi \fswiss\fcharset163\fprq2 Arial (Vietnamese);}{\flomajor\f31508\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}
{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}{\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}
{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}
{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}
{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}{\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}
{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}
{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}
{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}
{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\fhimajor\f31529\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}{\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}
{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}{\fhimajor\f31536\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}
{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}
{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}
{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}
{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}
{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}
{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}
{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}
{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}
{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}
{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}
{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}
{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}
{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}{\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}
{\fhiminor\f31576\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times New Roman};}
{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times New Roman};}{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times New Roman};}
{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times New Roman};}{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times New Roman};}
{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times New Roman};}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times New Roman};}
{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times New Roman};}}{\colortbl;\red0\green0\blue0;\red0\green0\blue255;\red0\green255\blue255;\red0\green255\blue0;\red255\green0\blue255;\red255\green0\blue0;
\red255\green255\blue0;\red255\green255\blue255;\red0\green0\blue128;\red0\green128\blue128;\red0\green128\blue0;\red128\green0\blue128;\red128\green0\blue0;\red128\green128\blue0;\red128\green128\blue128;\red192\green192\blue192;
\ctextone\ctint255\cshade255\red0\green0\blue0;}{\*\defchp \fs22\loch\af31506\hich\af31506\dbch\af31505 }{\*\defpap \ql \li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 }\noqfpromote {\stylesheet{
\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\f0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 \snext0 \sqformat \spriority0 Normal;}{\*\cs10 \additive 
Default Paragraph Font;}{\*\ts11\tsrowd\trftsWidthB3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\trcbpat1\trcfpat1\tblind0\tblindtype3\tscellwidthfts0\tsvertalt\tsbrdrt\tsbrdrl\tsbrdrb\tsbrdrr\tsbrdrdgl\tsbrdrdgr\tsbrdrh\tsbrdrv 
\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang1033\langfe1033\loch\f31506\hich\af31506\dbch\af31505\cgrid\langnp1033\langfenp1033 
\snext11 \ssemihidden \sunhideused \sqformat Normal Table;}{\*\ts15\tsrowd\trbrdrt\brdrs\brdrw10\brdrcf17 \trbrdrl\brdrs\brdrw10\brdrcf17 \trbrdrb\brdrs\brdrw10\brdrcf17 \trbrdrr\brdrs\brdrw10\brdrcf17 \trbrdrh\brdrs\brdrw10\brdrcf17 \trbrdrv
\brdrs\brdrw10\brdrcf17 \trftsWidthB3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\trcbpat1\trcfpat1\tblind0\tblindtype3\tscellwidthfts0\tsvertalt\tsbrdrt\tsbrdrl\tsbrdrb\tsbrdrr\tsbrdrdgl\tsbrdrdgr\tsbrdrh\tsbrdrv 
\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \fs22\lang1033\langfe1033\loch\f31506\hich\af31506\dbch\af31505\cgrid\langnp1033\langfenp1033 
\sbasedon11 \snext15 \spriority59 \styrsid13240779 Table Grid;}}{\*\listtable{\list\listtemplateid29033641\listsimple{\listlevel\levelnfc23\levelnfcn23\leveljc0\leveljcn0\levelfollow0\levelstartat0\levelspace1224\levelindent0{\leveltext
\'01E;}{\levelnumbers;}\f1\fs22\expnd2\expndtw12\cgrid\hres0\chhres0 \jclisttab\tx1224 }{\listname ;}\listid9848571}{\list\listtemplateid788861664\listsimple{\listlevel\levelnfc23\levelnfcn23\leveljc0\leveljcn0\levelfollow0\levelstartat0\levelspace288
\levelindent0{\leveltext\'01G;}{\levelnumbers;}\f1\fs22\expnd2\expndtw12\cgrid\hres0\chhres0 \fi-288\li648\jclisttab\tx648\lin648 }{\listname ;}\listid89589253}{\list\listtemplateid47850077\listsimple{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0
\levelfollow0\levelstartat2\levelspace360\levelindent0{\leveltext\'02\'00.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0\afs22 \ltrch\fcs0 \fs22\expnd1\expndtw6\cgrid\hres0\chhres0 \fi-360\li360\jclisttab\tx360\lin360 }{\listname ;}\listid94411381}
{\list\listtemplateid1767260435\listsimple{\listlevel\levelnfc23\levelnfcn23\leveljc0\leveljcn0\levelfollow0\levelstartat0\levelspace288\levelindent0{\leveltext\'01B;}{\levelnumbers;}\f1\fs22\expnd1\expndtw9\cgrid\hres0\chhres0 \fi-288\li648
\jclisttab\tx648\lin648 }{\listname ;}\listid104903729}{\list\listtemplateid658486972\listsimple{\listlevel\levelnfc23\levelnfcn23\leveljc0\leveljcn0\levelfollow0\levelstartat0\levelspace360\levelindent0{\leveltext\'01H;}{\levelnumbers;}
\f1\fs21\expnd3\expndtw17\cgrid\hres0\chhres0 \fi-360\li792\jclisttab\tx792\lin792 }{\listname ;}\listid129447455}}{\*\listoverridetable{\listoverride\listid104903729\listoverridecount0\ls1}{\listoverride\listid94411381\listoverridecount0\ls2}
{\listoverride\listid9848571\listoverridecount0\ls3}{\listoverride\listid89589253\listoverridecount0\ls4}{\listoverride\listid9848571\listoverridecount1{\lfolevel\listoverrideformat{\listlevel\levelnfc23\levelnfcn23\leveljc0\leveljcn0\levelfollow0
\levelstartat0\levelspace360\levelindent0{\leveltext\'01E;}{\levelnumbers;}\f1\fs21\expnd2\expndtw12\cgrid \fi-360\li792\jclisttab\tx792\lin792 }}\ls5}{\listoverride\listid89589253\listoverridecount1{\lfolevel\listoverrideformat{\listlevel\levelnfc23
\levelnfcn23\leveljc0\leveljcn0\levelfollow0\levelstartat0\levelspace360\levelindent0{\leveltext\'01G;}{\levelnumbers;}\f1\fs21\expnd1\expndtw5\cgrid \fi-360\li792\jclisttab\tx792\lin792 }}\ls6}{\listoverride\listid129447455\listoverridecount0\ls7}}
{\*\rsidtbl \rsid21805\rsid412384\rsid619494\rsid1188865\rsid2507495\rsid2827268\rsid3629659\rsid3809267\rsid4149018\rsid5657518\rsid6772127\rsid7895273\rsid7933061\rsid8277046\rsid8782509\rsid8808834\rsid9644501\rsid10182395\rsid10304982\rsid10640918
\rsid11731179\rsid12134394\rsid13203771\rsid13240779\rsid13313337\rsid13579792\rsid13592415\rsid14046605\rsid14816248\rsid15798325}{\mmathPr\mmathFont34\mbrkBin0\mbrkBinSub0\msmallFrac0\mdispDef1\mlMargin0\mrMargin0\mdefJc1\mwrapIndent1440\mintLim0
\mnaryLim1}{\info{\operator senikuraciri_r}{\creatim\yr2014\mo12\dy20\hr16\min58}{\revtim\yr2015\mo5\dy9\hr18\min19}{\version24}{\edmins232}{\nofpages7}{\nofwords3697}{\nofchars17403}{\nofcharsws21058}{\vern32859}}{\*\xmlnstbl {\xmlns1 http://schemas.micr
osoft.com/office/word/2003/wordml}}\paperw11907\paperh16839\margl1440\margr1440\margt1440\margb1440\gutter0\ltrsect 
\widowctrl\ftnbj\aenddoc\trackmoves1\trackformatting1\donotembedsysfont0\relyonvml0\donotembedlingdata1\grfdocevents0\validatexml0\showplaceholdtext0\ignoremixedcontent0\saveinvalidxml0\showxmlerrors0\noxlattoyen
\expshrtn\noultrlspc\dntblnsbdb\nospaceforul\formshade\horzdoc\dgmargin\dghspace100\dgvspace120\dghorigin1440\dgvorigin1440\dghshow0\dgvshow3
\jexpand\viewkind4\viewscale132\pgbrdrhead\pgbrdrfoot\ftnlytwnine\nolnhtadjtbl\useltbaln\alntblind\lytcalctblwd\lyttblrtgr\lnbrkrule\nobrkwrptbl\snaptogridincell\allowfieldendsel\ApplyBrkRules\asianbrkrule\rsidroot10182395\newtblstyruls\nogrowautofit 
\fet0{\*\wgrffmtfilter 2450}\ilfomacatclnup0\ltrpar \sectd \ltrsect\psz9\linex0\sectlinegrid272\sectdefaultcl\sectrsid412384\sftnbj {\*\pnseclvl1\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2\pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}}
{\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}}{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}
{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \ltrpar
\qr \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid14046605 \hich\af0\dbch\af31505\loch\f0 [1964] 10 FLR 105
\par }\pard \ltrpar\qc \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid14046605 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 SUPREME COURT OF FIJI}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid13579792\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 
\par \hich\af0\dbch\af31505\loch\f0 Appellate Jurisdiction
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 GANDABHAI KALYAN HARI AND ANOTHER
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 
\par \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 GOULD AND ANOTHER
\par }\pard \ltrpar\ql \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 
\par }\pard \ltrpar\qc \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Hammett Ag. C.J}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid7895273\charrsid7895273 .
\par 
\par \hich\af0\dbch\af31505\loch\f0 February 24th, 25th, April 22nd, 1964}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\par }\pard \ltrpar\ql \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 Estate and Succession }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 Duty \hich\f0 
\emdash \loch\f0  shares }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 restrictions on transfer}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \loch\af0\dbch\af31505\hich\f0 \emdash }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 
 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 appropriate basis of valuation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \loch\af0\dbch\af31505\hich\f0 \emdash }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 presumed market value or nett asset backing}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \loch\af0\dbch\af31505\hich\f0 \emdash }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 Death and Gift}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 Duties Ordinance (Cap. 171) ss.3, 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518 \hich\af0\dbch\af31505\loch\f0 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 1) (2), 66(1) (3)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid5657518 \loch\af0\dbch\af31505\hich\f0 \emdash \loch\f0  Fina\hich\af0\dbch\af31505\loch\f0 nce Act, 1894 (Imperial) (57 & 58 Vict., c.30) s.7(5)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \loch\af0\dbch\af31505\hich\f0 \emdash }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 
 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 Finance Act, 1940 (Imperial) (3 & 4 Geo. 6, c.29) s.55}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \loch\af0\dbch\af31505\hich\f0 \emdash }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 
 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 Estate Duty Assessment Act, 1914-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 
1950 (Australia) s.16A (1) (c).
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 Valuation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \loch\af0\dbch\af31505\hich\f0 \emdash }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid5657518 \loch\af0\dbch\af31505\hich\f0 \emdash }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 restrictions on transfer}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid5657518 \loch\af0\dbch\af31505\hich\f0 \emdash }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 Estate and Succession }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid5657518\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 Duty\hich\f0 \emdash \loch\f0 ap
\hich\af0\dbch\af31505\loch\f0 pro}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid5657518 \hich\af0\dbch\af31505\loch\f0 priate basis of valuation.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid5657518\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 \hich\f0 At the date of his death the deceased held 11,000 ordinary shares of a nominal value of \'a3\loch\f0 \hich\f0 
1 each and 9000 Founders' shares, also of \'a3\hich\af0\dbch\af31505\loch\f0 
1 each, in the capital of G. B. Hari and Company Limited. The Articles of Association contained a general restriction on the transfer of all shares save with the consent and approval of the directors. The holders of Founders' shares were not entitled to a
\hich\af0\dbch\af31505\loch\f0 n\hich\af0\dbch\af31505\loch\f0 y dividend but otherwise had the same rights as}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2507495 \hich\af0\dbch\af31505\loch\f0  ordinary shareholders. The com}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 \hich\f0 pany was a private company with an issued capital of \'a3\loch\f0 100,000 made}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2507495 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 up of 66,000 ordinary shares and 34,000 Founders' shares. There had been no sales of shares in the company.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2507495\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Th\hich\af0\dbch\af31505\loch\f0 e valuation (Ordinary shar}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2507495 \hich\af0\dbch\af31505\loch\f0 
\hich\f0 es \'a3\loch\f0 1 each, Founders' shares 5/}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7933061 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
each) relied upon by the executors of the deceased was made on the basis of a presumed open market sale of the shares in the company as a going concern, having regard principally to the likely incom\hich\af0\dbch\af31505\loch\f0 e}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid4149018 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
yield but taking into account the nett asset backing. The Official Valuer valued all shares alike at }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2507495\charrsid7895273 \loch\af0\dbch\af31505\hich\f0 \'a3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 1.0451 each, on the basis of nett asset value and a notional liquidation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2507495\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid14816248 \hich\af0\dbch\af31505\loch\f0 Held}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0  \loch\af0\dbch\af31505\hich\f0 \endash 
\par 
\par }\pard \ltrpar\ql \li720\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin720\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
1. The restrictions on the transfer of shares and on the Founders' shar\hich\af0\dbch\af31505\loch\f0 es were factors to be taken into consideration but did not make it impossible to employ th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2507495 
\hich\af0\dbch\af31505\loch\f0 e "market value" basis of valua}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 tion, or make it necessary or desirable to use the "liquidation value" as a basis.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2507495\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 2. The basis of the valuation made by the valuer fo\hich\af0\dbch\af31505\loch\f0 r the executors was the correct basis.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2507495\charrsid7895273 
\par }\pard \ltrpar\ql \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid3629659 \hich\af0\dbch\af31505\loch\f0 Semble:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
 It is only when there are some unusual features in the case e.g. where the deceased shareholder held a controlling interest, or it is not possible to follow any other basis of valuation, that resor\hich\af0\dbch\af31505\loch\f0 
t should be had to the "asset value" basis.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2507495 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Cases referred to:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7933061 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15798325\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0 Salvesen's Trustees }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0  Inland Revenue Commissioners}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15798325 \hich\af0\dbch\af31505\loch\f0  (1930) 9 A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 TC\hich\af0\dbch\af31505\loch\f0  43}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7933061 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0 Spencer }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0  Commonwealth of Australia}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15798325 \hich\af0\dbch\af31505\loch\f0 (1907) 5 CLR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0  418}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7933061 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0 Attorney-General of Ceylon }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0  Mackie}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15798325 \hich\af0\dbch\af31505\loch\f0  [1952] 2 All E}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\hich\af0\dbch\af31505\loch\f0 R 775}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7933061 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0 Federal\hich\af0\dbch\af31505\loch\f0  Commissioner of Taxation }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 
\hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0  Sagar}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0  (1946) 71 CLR 421
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7933061 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0 Abrahams }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0  Federal Commissioner of Taxation }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15798325 \hich\af0\dbch\af31505\loch\f0 (1944) 70 CL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 R. 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7933061 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0 Commissioner of Stamps }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0  Haynes }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15798325 \hich\af0\dbch\af31505\loch\f0 [1924] GLR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\hich\af0\dbch\af31505\loch\f0  271}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7933061 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0 New Zealand Insurance Co\hich\af0\dbch\af31505\loch\f0  Ltd\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid15798325 \hich\af0\dbch\af31505\loch\f0  Commissioner of Inland Revenue}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15798325 \hich\af0\dbch\af31505\loch\f0 [1956] }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\hich\af0\dbch\af31505\loch\f0 501}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7933061 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid9644501 \hich\af0\dbch\af31505\loch\f0 In re Crawford}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  (}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\fs24\insrsid13579792\charrsid9644501 \hich\af0\dbch\af31505\loch\f0 deceased), Public Trustee }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid9644501 \hich\af0\dbch\af31505\loch\f0  Commissioner of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid9644501 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid9644501\charrsid9644501 \hich\af0\dbch\af31505\loch\f0 Stamp Duties}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0  [1942] NZLR 170}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7933061 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid14816248 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid9644501\charrsid9644501 \hich\af0\dbch\af31505\loch\f0 Inland Revenue Commissioner }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\fs24\insrsid9644501\charrsid9644501 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid9644501 \hich\af0\dbch\af31505\loch\f0 Crossman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  (sub. nom. re Paulin; re Crossman) (1935) 152 LT}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501 \hich\af0\dbch\af31505\loch\f0  98.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Appeal under section 66\hich\af0\dbch\af31505\loch\f0 (3) of the Death and Gift Duties Ordinance, aga\hich\af0\dbch\af31505\loch\f0 
inst valuation of shares.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid14816248 \hich\af0\dbch\af31505\loch\f0 D. M. N. McFarlane\hich\af0\dbch\af31505\loch\f0  for the appellants.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501\charrsid14816248 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid14816248 \hich\af0\dbch\af31505\loch\f0 A. D. Leys\hich\af0\dbch\af31505\loch\f0  for the first respondent (the Official Valuer).
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501\charrsid14816248 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid14816248 \hich\af0\dbch\af31505\loch\f0 K. C. Gajadhar}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
 for the second respondent (the Commissioner).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 HAMMETT Ag. C.J.: [22nd April, 1964]\hich\f0 \emdash }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 This is an appeal under Sect\hich\af0\dbch\af31505\loch\f0 ion 66 (3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501 
\hich\af0\dbch\af31505\loch\f0 ) of the Death and Gift Duties }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
Ordinance, by way of Originating Summons by the executors of the Estate of Hiralal Gangaram Hari, deceased, against the valuation, for Estate Duty and Succession Duty purposes, of the Official Valuer of shares held b\hich\af0\dbch\af31505\loch\f0 
y the Estate in the capital of a private company.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 The deceased died on 15th November, 1961, and at the date of his }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 
\hich\af0\dbch\af31505\loch\f0 d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 eath held 11,000 Ordinary Shares each of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid4149018\charrsid7895273 
\loch\af0\dbch\af31505\hich\f0 \'a3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 l Nominal Value and}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 9,000 Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  Shares each of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9644501\charrsid7895273 \loch\af0\dbch\af31505\hich\f0 \'a3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 l Nominal Value in t\hich\af0\dbch\af31505\loch\f0 he capital of "G. B. Hari & Company Limited".}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 \hich\f0 This is a private company, registered in Fiji, where it carries on business with an issued capital of \'a3\loch\f0 
100,000 made up of 66,000 Ordinary Shares of El each and 34,000 Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0 \hich\f0  Shares of \'a3\loch\f0 1 each.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 The Articles\hich\af0\dbch\af31505\loch\f0  of Association contain a general restriction on the transfer of al}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid4149018 \hich\af0\dbch\af31505\loch\f0 l}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  shares in the Company save with the Directors}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
 consent and approval. The Memorandum contains a further restriction on the Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  Shares. The holders of Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  Shares are not entitle\hich\af0\dbch\af31505\loch\f0 d to any dividends, although in all other respects, such as voting etc., the holders of Founders}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
 Shares have exactly the same rights as the holders of Ordinary Shares.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Mr. R. S. Kay, a Chartered Accountant practising in Suva, on behalf of the executors v\hich\af0\dbch\af31505\loch\f0 
alued the Ordinary Shares of the Company at }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid4149018\charrsid7895273 \loch\af0\dbch\af31505\hich\f0 \'a3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0 l each and the Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0  Shares at 5/- each at the date of death. The basis of his valuation was on a presumed open market sale of the shares in the Company as a going concern, having regard principally to the l\hich\af0\dbch\af31505\loch\f0 
ikely income yield of the shares but also taking into account, inter alia, the actual nett asset backing of the shares. These valuations were not acceptable to the Commissioner of Death and Gift Duties.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Mr. S. Gould, a Chartered Accountant also practising\hich\af0\dbch\af31505\loch\f0 
 in Suva, in his capacity as the Official Valuer then made his valuation of the shares. In his opinion the value of both the Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  Shares and}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 \hich\f0 the Ordinary Shares alike was \'a3\loch\f0 1.0451. He did not consider it was possible to value these shares on the "Stock\hich\af0\dbch\af31505\loch\f0 
 Exchange" method principally owing to the unusual capital structure of the Company, which was a family concern and to the existence of these Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
'}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  Shares which had no right to dividends. In his opinion, the only possible}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 basis of valuation was the net\hich\af0\dbch\af31505\loch\f0 
t asset value basis. He valued the shares on the basis that the Company notionally went into liquidation on the death of the deceased.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 The executors did not accept that valuation and have appealed to this Court against it, under the provisions of Section 
\hich\af0\dbch\af31505\loch\f0 66\hich\af0\dbch\af31505\loch\f0 (3) of the Death and Gift Duties Ordinance on the following grounds:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }\pard \ltrpar\ql \li720\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin720\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
"1. That the valuation made the 23rd day of July, 1963, by the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0 Official Valuer in respect of the shareholding of the late Hiralal Gangaram Hari in G. B. Hari & Co. Ltd. is erroneous.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 \hich\af0\dbch\af31505\loch\f0 2. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
That the Official Valuer valued the shares on a wrong basis.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }\pard \ltrpar\ql \fi720\li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }\pard \ltrpar\ql \li720\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin720\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 \hich\af0\dbch\af31505\loch\f0 3. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 \hich\f0 That the value of \'a3\loch\f0 1.0451 placed on a Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  share by the Official Valuer is excessive.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }\pard \ltrpar\ql \fi720\li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }\pard \ltrpar\ql \li720\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin720\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 \hich\af0\dbch\af31505\loch\f0 4. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 That the said valuation be not adopted by the Commissioner of Death and Gift Duties.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 \hich\af0\dbch\af31505\loch\f0 5. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Tha\hich\af0\dbch\af31505\loch\f0 \hich\f0 
t the value of the ordinary shares held by the deceased in G. B. Hari & Co. Ltd. be fixed at \'a3\loch\f0  1 per share and that the value of the Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  shares held by the deceased in}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 the said Company be fixed at 5/- per share."}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }\pard \ltrpar\ql \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Estate Duty is imposed by virtue of 
\hich\af0\dbch\af31505\loch\f0 Section 3 of the Ordinance which reads:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }\pard \ltrpar\ql \li720\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin720\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
"In the case of every person who dies after the commencement of this Ordinance, whether in Fiji or elsewhere, and wherever the deceased was domiciled, there shall be payable to the Crown on the final balance of the \hich\af0\dbch\af31505\loch\f0 
estate of the deceased as determined in accordance with this Ordinance a duty (hereinafter called estate duty) at the rate and in accordance with the provisions prescribed by this Ordinance."}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 

\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid412384\charrsid7895273 
\par }\pard \ltrpar\ql \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 The method by which the final bal}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid3809267 \hich\af0\dbch\af31505\loch\f0 ance of an estate shall be com}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
puted is prescribed by Section 6 which reads:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }\pard \ltrpar\ql \li720\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin720\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 "6.\hich\af0\dbch\af31505\loch\f0 
(1) The final balance of the estate of the deceased shall be computed as being the total value of his dutiable estate after making such allowances as are hereinafter authorized in respect of the debts of t\hich\af0\dbch\af31505\loch\f0 
he deceased and in respect of other charges.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
(2) All such property shall be valued as at the date of the death of the deceased save that where by the last preceding section it is provided that the local situation of any such property shall be determined a\hich\af0\dbch\af31505\loch\f0 
s at any other date, the value of that property shall be determined as at the same date."}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }\pard \ltrpar\ql \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
In computing the final balance of this estate it is necessary to arrive at the "value" of these shares but nowhere in the Ordinance is a definition laid down of what\hich\af0\dbch\af31505\loch\f0  is meant by the word "value" in}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid619494 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 this connection.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Section 66(1), which reads as follows, refers to the word "valuation" but does not in fact define the word "value":}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }\pard \ltrpar\ql \li720\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin720\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
"For the purpose of assessing death duty or gift duty, if the Commissioner is not satisf\hich\af0\dbch\af31505\loch\f0 ied as to the value as stated by the administrator or donor, as the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13203771 
\hich\af0\dbch\af31505\loch\f0 case may be, of any portion of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
 the dutiable estate of the deceased or any portion of the subject of a gift, he may determine it either by agreement between himself and the administrator in\hich\af0\dbch\af31505\loch\f0 
 the case of death duty or between himself and the donor in the case of gift duty or, in the event of a failure to agree, by a valuation made by an official valuer appointed under the Stamp Duties Ordinance."}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }\pard \ltrpar\ql \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 In all the cases to which I have been referred
\hich\af0\dbch\af31505\loch\f0 , whether they have been English, Australian or New Zealand authorities, the definition of "principal value" as set out in the Finance (Imperial) Act 1894 Section 7\hich\af0\dbch\af31505\loch\f0 
(5) appears to have either been followed, or adopted, and in none of these cases has it eve\hich\af0\dbch\af31505\loch\f0 r been doubted or challenged. This definition reads as follows:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }\pard \ltrpar\ql \li720\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin720\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
"The principal value of any property shall be estimated to be the price which in the opinion of the Commissioners such property would fetch if sold in the open market at the time of the death\hich\af0\dbch\af31505\loch\f0  of the deceased."}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }\pard \ltrpar\ql \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
This definition of "value" was not challenged by either party in this case. It was further conceded by both sides to this appeal that the standard method of valuing for estate duty purposes, shares in a public company which are quoted o
\hich\af0\dbch\af31505\loch\f0 
n a recognised stock exchange, is by reference to the price at which such shares changed hands on the Stock Exchange on the date of death. This standard method is, of course, subject to variation in cases where extraordinary or exceptional circumstances a
\hich\af0\dbch\af31505\loch\f0 r\hich\af0\dbch\af31505\loch\f0 ise.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
That is the practice which has in fact always been followed in Fiji. In my opinion, it is the only possible and practical practice to follow and gives the proper construction to the words "value" and "valuation" in the Death and Gift Duties Ordinance
\hich\af0\dbch\af31505\loch\f0  in this connection.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
If shares quoted on a stock exchange are properly valued by reference to the "market value" or the actual price at which sales between a willing seller and a willing buyer in the open market took place on the Stock Exchange on the dat
\hich\af0\dbch\af31505\loch\f0 e of death, it appears to me to be only logical that shares not quoted on a stock exchange should if at all possible be valued on the same basis and on the same principle.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 This value can only be estimated. In making this estimate reference must be made to\hich\af0\dbch\af31505\loch\f0 
 prices at which recent sales, if any, actually took place and to the trading practices and history of the concern and to its actual financial position both past and present and its likely future financial prospects as is revealed by its balance sheets an
\hich\af0\dbch\af31505\loch\f0 d\hich\af0\dbch\af31505\loch\f0  profit and loss accounts, subject to expert interpretation thereof}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
by persons who have knowledge not only of accounts but also of the circumstances, conditions and environment in which the Company carries on its business. One of the relevant factors in su\hich\af0\dbch\af31505\loch\f0 
ch a valuation is, of course, the nett asset backing of the shares. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid619494 \hich\af0\dbch\af31505\loch\f0 Salvesen}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid7895273\charrsid619494 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid619494 \hich\af0\dbch\af31505\loch\f0 s Trustees }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 
\hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid619494 \hich\af0\dbch\af31505\loch\f0  Inland Revenue Commissioners}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid619494 
\hich\af0\dbch\af31505\loch\f0  (1930) 9 ATC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  43.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8782509 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Such a market value is not the same as the "break-up" value or the shares "nett asset" value or "notional liquidation"\hich\af0\dbch\af31505\loch\f0 
 value.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8782509\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 This is conceded by the Official Valuer. He agrees that if in fact}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8782509 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
it was proper to value these shares at the price which a willing but not anxious vendor could reasonably expect to obtain and a hypothetical willing but not anxious purchaser could\hich\af0\dbch\af31505\loch\f0 
 reasonably expect to have to pay, then Mr. Kay did take into account all the considerations which ought to have been}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8782509 \hich\af0\dbch\af31505\loch\f0  taken into account. The Commis}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 sioner does challenge the quantum of some of the allowances made by Mr. Kay but he does not otherwise challe\hich\af0\dbch\af31505\loch\f0 
nge his actual calculations or the matters he has taken into account.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8782509\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 The issues in this appeal are therefore twofold:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13240779 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13592415 \hich\af0\dbch\af31505\loch\f0 Firstly:
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13592415\charrsid13240779 \hich\af0\dbch\af31505\loch\f0 Should the valuation of these shares be, as contended by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13592415 \hich\af0\dbch\af31505\loch\f0  }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13592415\charrsid13240779 \hich\af0\dbch\af31505\loch\f0 Mr. Kay, arrived at on the "willing buyer and willing seller" basis,\hich\af0\dbch\af31505\loch\f0 
 i.e. the estimated market value basis on the lines laid down in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13592415\charrsid13240779 \hich\af0\dbch\af31505\loch\f0 Spencer }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 
\hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13592415\charrsid13240779 \hich\af0\dbch\af31505\loch\f0  Commonwealth of Australia}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13592415 
\hich\af0\dbch\af31505\loch\f0  (1907) 5 CLR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13592415\charrsid13240779 \hich\af0\dbch\af31505\loch\f0 
 418, or should it be the "Liquidation Value" or "Nett Asset backing Value" of the shares, as contended by the Official Valuer?
\par }\pard \ltrpar\ql \li0\ri-333\nowidctlpar\tx1638\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13592415 
\par }\pard \ltrpar\ql \li0\ri-333\nowidctlpar\wrapdefault\faauto\rin-333\lin0\itap0\pararsid14816248 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13592415\charrsid13240779 \hich\af0\dbch\af31505\loch\f0 Secondly:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13592415 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13592415\charrsid13240779 \hich\af0\dbch\af31505\loch\f0 If\hich\af0\dbch\af31505\loch\f0 
 the estimated market value basis is the correct method of valuation, are the allowances made by Mr. Kay in his calculations reasonable or too high, as contended by the Commissioner?
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13240779\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 The first of these issues is partly answered by the Official Valuer hims\hich\af0\dbch\af31505\loch\f0 
elf when he expressed the opinion that there was no possible alternative to the "Liquidation Value" basis of valuation. He}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid10304982 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 appeared to concede that, if possible, the market value method should be followed. It is clear to me that the "Liquidation Value" met\hich\af0\dbch\af31505\loch\f0 
hod does not in fact give or attempt to give an estimated market value of shares in a going concern.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid10304982\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
In all the English, Australian and New Zealand cases which have been cited to me, where this basis of valuation was used, there have been exceptional circ\hich\af0\dbch\af31505\loch\f0 umstances which do not arise in this case. In }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid10304982 \hich\af0\dbch\af31505\loch\f0 Attorney General of Ceylon }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid10304982 \hich\af0\dbch\af31505\loch\f0  Mackie and Anor}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  [1952] 2 All E\hich\af0\dbch\af31505\loch\f0 R
\hich\af0\dbch\af31505\loch\f0  775, the date of death and therefore the date of valuation of the testator}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 s shares was 7th September, 1940. Owing to the war and the great disru\hich\af0\dbch\af31505\loch\f0 
ption of general business conditions there had been violent and unusual fluctuations in the profits and losses of the Company concerned. This made it impossible to make any realistic estimate of a future average maintainable profit. The Privy Council then
\hich\af0\dbch\af31505\loch\f0  \hich\af0\dbch\af31505\loch\f0 held that in such exceptional circumstances it was impossible to value the shares other than by reference to the value of the assets.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 

\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid10304982\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 In the English cases the "Liquidation value" method is only applied when, on the authority of Section 55 of the Finance A
\hich\af0\dbch\af31505\loch\f0 ct 1940, the deceased}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0 
s holding of shares gave him control of the Company or put him into one of the exceptional categories laid down by that section. It was only in such exceptional cases that the "Liquidation value" method of valuation can be used in Eng
\hich\af0\dbch\af31505\loch\f0 land.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid10304982\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Again, in Australia, it was only by virtue of Section 16A(1)\hich\af0\dbch\af31505\loch\f0 
(c) of the Estate Duty Assessment Act 1914-1950 that the Commissioner was given a discretion to use the "Liquidation value" basis to value shares.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13313337\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 As was held by Williams J. in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid13313337 \hich\af0\dbch\af31505\loch\f0 Federal Co
\hich\af0\dbch\af31505\loch\f0 mmissioner of Taxation }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid13313337 
\hich\af0\dbch\af31505\loch\f0  Sagar}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13313337 \hich\af0\dbch\af31505\loch\f0  (1948) 71 C\hich\af0\dbch\af31505\loch\f0 L\hich\af0\dbch\af31505\loch\f0 R}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  421 the "Liquidation value" basis should be used in Australia very rarely where the Company was a "going concern". He then cited the case of where the deceased}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 s shares gave him a controlling interest as the
\hich\af0\dbch\af31505\loch\f0  sort of rare instance he had in mind, where the "Liquidation value" of shares should be used instead of their "market value".}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13313337\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 In }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid10640918 \hich\af0\dbch\af31505\loch\f0 Abrahams }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid10640918 \hich\af0\dbch\af31505\loch\f0  Federal Commissioner of Taxation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid10640918 \hich\af0\dbch\af31505\loch\f0  (1944) 70 C\hich\af0\dbch\af31505\loch\f0 L\hich\af0\dbch\af31505\loch\f0 R}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
 23, Williams J. again declined to apply the "assets value" or "\hich\af0\dbch\af31505\loch\f0 
Liquidated value" test. He held that the shares concerned must be valued principally on the basis of the income, or estimated income yield, but added that the assets value could be used as a check and in the exceptional circumstances of that case more rel
\hich\af0\dbch\af31505\loch\f0 i\hich\af0\dbch\af31505\loch\f0 
ance than usual could be placed on the assets value. It is clear that the "assets value" assessment was again considered to be one that should only be used on its own in the last resort and under the most exceptional circumstances.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid10640918\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Again in New Zealand, t\hich\af0\dbch\af31505\loch\f0 he case of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid2827268 
\hich\af0\dbch\af31505\loch\f0 Commissioner of Stamp}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid2827268\charrsid2827268 \hich\af0\dbch\af31505\loch\f0 s }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid2827268\charrsid2827268 \hich\af0\dbch\af31505\loch\f0  Haynes and Others}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268 \hich\af0\dbch\af31505\loch\f0  [1924] G\hich\af0\dbch\af31505\loch\f0 L
\hich\af0\dbch\af31505\loch\f0 R}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  271, which was cited to me in support of the Official Valuer}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
s use of the "Liquidation value" basis of valuation in this case, is very much in point. A study of that case, however, makes \hich\af0\dbch\af31505\loch\f0 
it clear that the testator in that case held ninety per cent of the shares in the Company concerned and therefore held a controlling interest in it. Another New Zealand case in which the "Asset value" basis was applied is }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\fs24\insrsid13579792\charrsid2827268 \hich\af0\dbch\af31505\loch\f0 New Zealand Insurance Co. Ltd }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid2827268 \hich\af0\dbch\af31505\loch\f0  C\hich\af0\dbch\af31505\loch\f0 ommissi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid2827268\charrsid2827268 \hich\af0\dbch\af31505\loch\f0 oner of Inland Revenue }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268 \hich\af0\dbch\af31505\loch\f0 [1956] N\hich\af0\dbch\af31505\loch\f0 Z\hich\af0\dbch\af31505\loch\f0 L\hich\af0\dbch\af31505\loch\f0 R}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0  501. In this case again the deceased}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0 s holding of shares was sufficient to give him a controlling interest in the Company. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid2827268 \hich\af0\dbch\af31505\loch\f0 
In re Crawford (deceased), Public Trustee }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid2827268 \hich\af0\dbch\af31505\loch\f0  Commis}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid2827268\charrsid2827268 \hich\af0\dbch\af31505\loch\f0 sioner of Stamp Duties}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268 \hich\af0\dbch\af31505\loch\f0  [1942] N
\hich\af0\dbch\af31505\loch\f0 Z\hich\af0\dbch\af31505\loch\f0 L\hich\af0\dbch\af31505\loch\f0 R}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
 170, Fair J. held in effect, on the authorities then cited to him, that it was only as a last resort that the value of shares for Death Duty purposes should be ascertained by reference to the value of the Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 s assets. These New Zealand cases are in\hich\af0\dbch\af31505\loch\f0 
 line with both the English and Australian authorities on this issue.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid10640918\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
It appears to me to be clear, therefore, that the principle that underlies the decisions of the Courts and the Statute Law in England, Australia and New Zealand is one and the same. Whe\hich\af0\dbch\af31505\loch\f0 
rever it is possible to do so and there are no exceptional or extraordinary circumstances arising, the value of shares should be arrived at on the "market value" or "the willing buyer, willing seller" principle. It is only when there are some unusual feat
\hich\af0\dbch\af31505\loch\f0 u\hich\af0\dbch\af31505\loch\f0 res in the case, e.g. where}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid10640918 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
the deceased shareholder held a controlling interest in the Company, or it is not possible to follow any other basis of valuation, that resort should be made to the "Asset value" basis of valuation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 When I refer to the facts in\hich\af0\dbch\af31505\loch\f0 
 the case before me I find that the deceased held only twenty per cent of the issued share capital of G.B. Hari & Co. Ltd. He had no controlling interest at all. It is certainly a private company and also a family company and there have been no actual sal
\hich\af0\dbch\af31505\loch\f0 e\hich\af0\dbch\af31505\loch\f0 s of shares in the Company but these circumstances are, on their own, by no means unusual. The fact that there are these Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
 Shares, and that the Directors had the power to prevent a transfer of shares of which they did not approve were certainly fac\hich\af0\dbch\af31505\loch\f0 
tors which had to be taken into consideration, but they were not, in my view, factors which made it impossible to employ the "market value" basis of valuing these shares or made it necessary or even desirable to use the "Liquidation value" as a basis.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 The\hich\af0\dbch\af31505\loch\f0 
 mere fact that it may be difficult, as it is in this case, to arrive at a valuation on the "market value" basis, is, in my view, no reason for not using that method. As was said by Finlay J. in Inland }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid13579792\charrsid2827268 \hich\af0\dbch\af31505\loch\f0 Revenue Commis}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid2827268\charrsid2827268 \hich\af0\dbch\af31505\loch\f0 sioner }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\fs24\insrsid14816248 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid2827268\charrsid2827268 \hich\af0\dbch\af31505\loch\f0  Crossman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268 
\hich\af0\dbch\af31505\loch\f0  [1935] 152 LT}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  98, 101\hich\af0\dbch\af31505\loch\f0 
, "enormous difficulties must arise when one has got to apply notionally, the principle of the open market to shares which in fact by reason of restrictions, could not be sold in the open market."}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 

\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 In my opinion, the method of valuation adopted in this cas\hich\af0\dbch\af31505\loch\f0 e by Mr. R. S. Kay, the executors}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0  valuer, was the correct basis.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid2827268 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 I now come to the second issue. Did Mr. Kay make unduly high allowances in his valuation for such matters as lack of marketability}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 of these shares, of the restrictions on their transfer and
\hich\af0\dbch\af31505\loch\f0 
 of the amount of profit that should be placed to reserve before dividends could be expected to be paid? I have carefully examined his evidence on these points in the light of the criticisms made by learned Counsel for the Commissioner in these respects. 
\hich\af0\dbch\af31505\loch\f0 I\hich\af0\dbch\af31505\loch\f0  note that in fact this Company had never paid any dividends since it first began to trade.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 I say at once that I accept the e}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268 \hich\af0\dbch\af31505\loch\f0 
vidence of Mr. Kay. His prognos}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 tications may or may not prove to be correct but I accept them as genuinely held and based upon his
\hich\af0\dbch\af31505\loch\f0  knowledge of the operations of this Company as its auditor since it was first incorporated in 1956, and his experience as an accountant of standing in Fiji.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 Valuation is of course as much, if not more, an art than an exact}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 science.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 On the question of re\hich\af0\dbch\af31505\loch\f0 
serves, for example, what may be regarded as making prudent financial provision by one accountant may well be regarded as unnecessarily high provision by another or even as barely enough by a third. I don}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 t think it can be doubted that in November 1961, wh
\hich\af0\dbch\af31505\loch\f0 en the testator died, the estate of business in Fiji,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0 generally, was at \hich\af0\dbch\af31505\loch\f0 a very\hich\af0\dbch\af31505\loch\f0 \hich\f0 
 low ebb indeed. I do not find it at all improbable that a prudent investor would not have been willing to pay more than par for these \'a3\loch\f0 1 Ordinary Shares in this Company at that \hich\af0\dbch\af31505\loch\f0 
time. I am fortified in this view by the fact that if it had}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0 been put into liquidation then, the Official Valuer is of the view that very little more than their par value would have been realised. In that valuation I am doubtful if adequate allowance was m
\hich\af0\dbch\af31505\loch\f0 
ade for the probability that many of the book debts, which as Mr. Kay pointed out are unusually large, might have proved to be irrecoverable and therefore valueless and that the stock would possibly have fetched less than was anticipated, if realised on a
\hich\af0\dbch\af31505\loch\f0  \hich\af0\dbch\af31505\loch\f0 forced sale.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 
After giving the matter careful consideration, I am of the opinion that there are insufficient grounds for me to hold that the valuation made by Mr. Kay was made on any wrong principle and that in so far as the particular allowances he made a
\hich\af0\dbch\af31505\loch\f0 re concerned that they were unreasonable in all the circumstances.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 \hich\f0 For these reasons I allow the appeal. I accept the evidence and valuation of Mr. Kay and hold that the value of these \'a3\loch\f0 \hich\f0 
1 Ordinary Shares was \'a3\loch\f0 1 each and the value of the Founders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid7895273\charrsid7895273 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid7895273 
\hich\af0\dbch\af31505\loch\f0  Shares w\hich\af0\dbch\af31505\loch\f0 as 5/-each at the date of the death of the testator on 15th November, 1961.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid2827268\charrsid7895273 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13579792\charrsid11731179 \hich\af0\dbch\af31505\loch\f0 The Plaintiffs are awarded}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11731179 \hich\af0\dbch\af31505\loch\f0  the taxed costs of the appeal.

\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\fs24\insrsid13579792\charrsid11731179 \hich\af0\dbch\af31505\loch\f0 Appeal allowed.
\par }{\*\themedata 504b030414000600080000002100828abc13fa0000001c020000130000005b436f6e74656e745f54797065735d2e786d6cac91cb6ac3301045f785fe83d0b6d8
72ba28a5d8cea249777d2cd20f18e4b12d6a8f843409c9df77ecb850ba082d74231062ce997b55ae8fe3a00e1893f354e9555e6885647de3a8abf4fbee29bbd7
2a3150038327acf409935ed7d757e5ee14302999a654e99e393c18936c8f23a4dc072479697d1c81e51a3b13c07e4087e6b628ee8cf5c4489cf1c4d075f92a0b
44d7a07a83c82f308ac7b0a0f0fbf90c2480980b58abc733615aa2d210c2e02cb04430076a7ee833dfb6ce62e3ed7e14693e8317d8cd0433bf5c60f53fea2fe7
065bd80facb647e9e25c7fc421fd2ddb526b2e9373fed4bb902e182e97b7b461e6bfad3f010000ffff0300504b030414000600080000002100a5d6a7e7c00000
00360100000b0000005f72656c732f2e72656c73848fcf6ac3300c87ef85bd83d17d51d2c31825762fa590432fa37d00e1287f68221bdb1bebdb4fc7060abb08
84a4eff7a93dfeae8bf9e194e720169aaa06c3e2433fcb68e1763dbf7f82c985a4a725085b787086a37bdbb55fbc50d1a33ccd311ba548b63095120f88d94fbc
52ae4264d1c910d24a45db3462247fa791715fd71f989e19e0364cd3f51652d73760ae8fa8c9ffb3c330cc9e4fc17faf2ce545046e37944c69e462a1a82fe353
bd90a865aad41ed0b5b8f9d6fd010000ffff0300504b0304140006000800000021006b799616830000008a0000001c0000007468656d652f7468656d652f7468
656d654d616e616765722e786d6c0ccc4d0ac3201040e17da17790d93763bb284562b2cbaebbf600439c1a41c7a0d29fdbd7e5e38337cedf14d59b4b0d592c9c
070d8a65cd2e88b7f07c2ca71ba8da481cc52c6ce1c715e6e97818c9b48d13df49c873517d23d59085adb5dd20d6b52bd521ef2cdd5eb9246a3d8b4757e8d3f7
29e245eb2b260a0238fd010000ffff0300504b03041400060008000000210096b5ade296060000501b0000160000007468656d652f7468656d652f7468656d65
312e786d6cec594f6fdb3614bf0fd87720746f6327761a07758ad8b19b2d4d1bc46e871e698996d850a240d2497d1bdae38001c3ba618715d86d87615b8116d8
a5fb34d93a6c1dd0afb0475292c5585e9236d88aad3e2412f9e3fbff1e1fa9abd7eec70c1d1221294fda5efd72cd4324f1794093b0eddd1ef62fad79482a9c04
98f184b4bd2991deb58df7dfbb8ad755446282607d22d771db8b944ad79796a40fc3585ee62949606ecc458c15bc8a702910f808e8c66c69b9565b5d8a314d3c
94e018c8de1a8fa94fd05093f43672e23d06af89927ac06762a049136785c10607758d9053d965021d62d6f6804fc08f86e4bef210c352c144dbab999fb7b471
7509af678b985ab0b6b4ae6f7ed9ba6c4170b06c788a705430adf71bad2b5b057d03606a1ed7ebf5babd7a41cf00b0ef83a6569632cd467faddec9699640f671
9e76b7d6ac355c7c89feca9cccad4ea7d36c65b258a206641f1b73f8b5da6a6373d9c11b90c537e7f08dce66b7bbeae00dc8e257e7f0fd2badd5868b37a088d1
e4600ead1ddaef67d40bc898b3ed4af81ac0d76a197c86826828a24bb318f3442d8ab518dfe3a20f000d6458d104a9694ac6d88728eee2782428d60cf03ac1a5
193be4cbb921cd0b495fd054b5bd0f530c1931a3f7eaf9f7af9e3f45c70f9e1d3ff8e9f8e1c3e3073f5a42ceaa6d9c84e5552fbffdeccfc71fa33f9e7ef3f2d1
17d57859c6fffac327bffcfc793510d26726ce8b2f9ffcf6ecc98baf3efdfdbb4715f04d814765f890c644a29be408edf3181433567125272371be15c308d3f2
8acd249438c19a4b05fd9e8a1cf4cd296699771c393ac4b5e01d01e5a30a787d72cf1178108989a2159c77a2d801ee72ce3a5c545a6147f32a99793849c26ae6
6252c6ed637c58c5bb8b13c7bfbd490a75330f4b47f16e441c31f7184e140e494214d273fc80900aedee52ead87597fa824b3e56e82e451d4c2b4d32a423279a
668bb6690c7e9956e90cfe766cb37b077538abd27a8b1cba48c80acc2a841f12e698f13a9e281c57911ce298950d7e03aba84ac8c154f8655c4f2af074481847
bd804859b5e696007d4b4edfc150b12addbecba6b18b148a1e54d1bc81392f23b7f84137c2715a851dd0242a633f900710a218ed715505dfe56e86e877f0034e
16bafb0e258ebb4faf06b769e888340b103d3311da9750aa9d0a1cd3e4efca31a3508f6d0c5c5c398602f8e2ebc71591f5b616e24dd893aa3261fb44f95d843b
5974bb5c04f4edafb95b7892ec1108f3f98de75dc97d5772bdff7cc95d94cf672db4b3da0a6557f70db629362d72bcb0431e53c6066acac80d699a6409fb44d0
8741bdce9c0e4971624a2378cceaba830b05366b90e0ea23aaa241845368b0eb9e2612ca8c742851ca251ceccc70256d8d87265dd96361531f186c3d9058edf2
c00eafe8e1fc5c509031bb4d680e9f39a3154de0accc56ae644441edd76156d7429d995bdd88664a9dc3ad50197c38af1a0c16d684060441db02565e85f3b966
0d0713cc48a0ed6ef7dedc2dc60b17e92219e180643ed27acffba86e9c94c78ab90980d8a9f0913ee49d62b512b79626fb06dccee2a432bbc60276b9f7dec44b
7904cfbca4f3f6443ab2a49c9c2c41476dafd55c6e7ac8c769db1bc399161ee314bc2e75cf8759081743be1236ec4f4d6693e5336fb672c5dc24a8c33585b5fb
9cc24e1d4885545b58463634cc5416022cd19cacfccb4d30eb45296023fd35a458598360f8d7a4003bbaae25e331f155d9d9a5116d3bfb9a95523e51440ca2e0
088dd844ec6370bf0e55d027a012ae264c45d02f708fa6ad6da6dce29c255df9f6cae0ec38666984b372ab5334cf640b37795cc860de4ae2816e95b21be5ceaf
8a49f90b52a51cc6ff3355f47e0237052b81f6800fd7b802239daf6d8f0b1571a8426944fdbe80c6c1d40e8816b88b8569082ab84c36ff0539d4ff6dce591a26
ade1c0a7f669880485fd484582903d284b26fa4e2156cff62e4b9265844c4495c495a9157b440e091bea1ab8aaf7760f4510eaa69a6465c0e04ec69ffb9e65d0
28d44d4e39df9c1a52ecbd3607fee9cec7263328e5d661d3d0e4f62f44acd855ed7ab33cdf7bcb8ae889599bd5c8b3029895b6825696f6af29c239b75a5bb1e6
345e6ee6c28117e73586c1a2214ae1be07e93fb0ff51e133fb65426fa843be0fb515c187064d0cc206a2fa926d3c902e907670048d931db4c1a44959d366ad93
b65abe595f70a75bf03d616c2dd959fc7d4e6317cd99cbcec9c58b34766661c7d6766ca1a9c1b327531486c6f941c638c67cd22a7f75e2a37be0e82db8df9f30
254d30c1372581a1f51c983c80e4b71ccdd28dbf000000ffff0300504b0304140006000800000021000dd1909fb60000001b010000270000007468656d652f74
68656d652f5f72656c732f7468656d654d616e616765722e786d6c2e72656c73848f4d0ac2301484f78277086f6fd3ba109126dd88d0add40384e4350d363f24
51eced0dae2c082e8761be9969bb979dc9136332de3168aa1a083ae995719ac16db8ec8e4052164e89d93b64b060828e6f37ed1567914b284d262452282e3198
720e274a939cd08a54f980ae38a38f56e422a3a641c8bbd048f7757da0f19b017cc524bd62107bd5001996509affb3fd381a89672f1f165dfe514173d9850528
a2c6cce0239baa4c04ca5bbabac4df000000ffff0300504b01022d0014000600080000002100828abc13fa0000001c0200001300000000000000000000000000
000000005b436f6e74656e745f54797065735d2e786d6c504b01022d0014000600080000002100a5d6a7e7c0000000360100000b000000000000000000000000
002b0100005f72656c732f2e72656c73504b01022d00140006000800000021006b799616830000008a0000001c00000000000000000000000000140200007468
656d652f7468656d652f7468656d654d616e616765722e786d6c504b01022d001400060008000000210096b5ade296060000501b000016000000000000000000
00000000d10200007468656d652f7468656d652f7468656d65312e786d6c504b01022d00140006000800000021000dd1909fb60000001b010000270000000000
00000000000000009b0900007468656d652f7468656d652f5f72656c732f7468656d654d616e616765722e786d6c2e72656c73504b050600000000050005005d010000960a00000000}
{\*\colorschememapping 3c3f786d6c2076657273696f6e3d22312e302220656e636f64696e673d225554462d3822207374616e64616c6f6e653d22796573223f3e0d0a3c613a636c724d
617020786d6c6e733a613d22687474703a2f2f736368656d61732e6f70656e786d6c666f726d6174732e6f72672f64726177696e676d6c2f323030362f6d6169
6e22206267313d226c743122207478313d22646b3122206267323d226c743222207478323d22646b322220616363656e74313d22616363656e74312220616363
656e74323d22616363656e74322220616363656e74333d22616363656e74332220616363656e74343d22616363656e74342220616363656e74353d22616363656e74352220616363656e74363d22616363656e74362220686c696e6b3d22686c696e6b2220666f6c486c696e6b3d22666f6c486c696e6b222f3e}
{\*\latentstyles\lsdstimax267\lsdlockeddef0\lsdsemihiddendef1\lsdunhideuseddef1\lsdqformatdef0\lsdprioritydef99{\lsdlockedexcept \lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority0 \lsdlocked0 Normal;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority9 \lsdlocked0 heading 1;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 2;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 3;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 4;
\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 5;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 6;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 7;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 8;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 9;
\lsdpriority39 \lsdlocked0 toc 1;\lsdpriority39 \lsdlocked0 toc 2;\lsdpriority39 \lsdlocked0 toc 3;\lsdpriority39 \lsdlocked0 toc 4;\lsdpriority39 \lsdlocked0 toc 5;\lsdpriority39 \lsdlocked0 toc 6;\lsdpriority39 \lsdlocked0 toc 7;
\lsdpriority39 \lsdlocked0 toc 8;\lsdpriority39 \lsdlocked0 toc 9;\lsdqformat1 \lsdpriority35 \lsdlocked0 caption;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority10 \lsdlocked0 Title;\lsdunhideused0 \lsdlocked0 Default Paragraph Font;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority11 \lsdlocked0 Subtitle;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority22 \lsdlocked0 Strong;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority20 \lsdlocked0 Emphasis;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority59 \lsdlocked0 Table Grid;\lsdunhideused0 \lsdlocked0 Placeholder Text;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority1 \lsdlocked0 No Spacing;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 1;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 1;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 1;\lsdunhideused0 \lsdlocked0 Revision;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority34 \lsdlocked0 List Paragraph;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority29 \lsdlocked0 Quote;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority30 \lsdlocked0 Intense Quote;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 1;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 1;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 3;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 3;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 3;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 3;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 3;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 4;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 4;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 4;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 4;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 5;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 5;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 5;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 5;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 5;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 6;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 6;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 6;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 6;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 6;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority19 \lsdlocked0 Subtle Emphasis;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority21 \lsdlocked0 Intense Emphasis;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority31 \lsdlocked0 Subtle Reference;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority32 \lsdlocked0 Intense Reference;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority33 \lsdlocked0 Book Title;\lsdpriority37 \lsdlocked0 Bibliography;\lsdqformat1 \lsdpriority39 \lsdlocked0 TOC Heading;}}{\*\datastore 010500000200000018000000
4d73786d6c322e534158584d4c5265616465722e352e3000000000000000000000060000
d0cf11e0a1b11ae1000000000000000000000000000000003e000300feff090006000000000000000000000001000000010000000000000000100000feffffff00000000feffffff0000000000000000ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
fffffffffffffffffdfffffffeffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffff52006f006f007400200045006e00740072007900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000016000500ffffffffffffffffffffffffec69d9888b8b3d4c859eaf6cd158be0f000000000000000000000000d048
4e8c288ad001feffffff00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff00000000000000000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff0000000000000000000000000000000000000000000000000000
000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff000000000000000000000000000000000000000000000000
0000000000000000000000000000000000000000000000000105000000000000}}