40.
| (1) A person charged with capital levy may, in lieu Of the payment of the whole or any part of the capital levy in cash, surrender to the Secretary to the Treasury such amount of Government stock as may be necessary for the purpose. |
|
| (2) No stock shall be accepted for the purpose of this section unless it is Ceylon Government stock which has been issued in Ceylon and is of such description as may be prescribed. |
|
| (3) The surrender of any stock under this section by any person shall be deemed to be equivalent to the payment in cash by him of an amount equal to the aggregate of-
| | (a) the value placed on such stock in the assessment of capital levy made in respect of him, and | | |
| | (b) the unpaid accrued interest on such stock. | | |
|
|
| (4) Where the surrender of stock by any person is under sub-section (3) deemed to be equivalent to the payment in cash of an amount which exceeds the capital levy payable by him, the excess shall be returned to him in cash. |
|
|
Sri Lanka Consolidated Acts