35.
| (1) Government stock may be surrendered to the Secretary to the Treasury in accordance with the following provisions of this section in lieu of the payment of the whole or any part of any estate duty in cash. |
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| (2) No stock shall be accepted for the purposes of this section unless
| | (a) it is Sri Lanka Government stock which has been issued in Sri Lanka ; and | | |
| | (b) was subscribed for by the deceased himself at the time of its issue, or was purchased by him not less than one year before his death. | | |
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| (3) Where the stock surrendered is fully paid stock, issued and redeemable at par, the surrender of such stock shall be deemed to be equivalent to the payment in cash of an amount equal to the aggregate of
| | (a) the face value of such stock ; and | | |
| | (b) the accrued interest on such stock. | | |
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| (4) Where the stock surrendered is not fully paid or has been issued below par or is redeemable at an amount above or below par, the surrender of such stock shall be deemed to be equivalent to the payment in cash of an amount equal to the aggregate of
| | (a) a sum bearing the prescribed proportion to the face value of such stock; and | | |
| | (b) the accrued interest on such stock. | | |
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| (5) Where the surrender of stock by any person under this section is deemed under subsection (3) or subsection (4) to be equivalent to the payment in cash of an amount which exceeds the estate duty payable by him, the excess shall be disposed of in the following manner:
| | (a) where the amount of the excess is not less than one hundred rupees
| | | (i) each complete sum of one hundred rupees comprised therein shall be reckoned as a unit, and each unit or each group of two or more units, as the Secretary to the Treasury may determine, shall be returned in the form of stock of the same issue as the surrendered stock ; and |
| (ii) any outstanding fraction of a unit shall be returned in cash ; and |
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| | (b) where the amount of the excess is less than one hundred rupees, such amount shall be returned in cash. | | |
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Sri Lanka Consolidated Acts