IHTM27129 - Canadian companies:
Nova Scotia companies
Every company incorporated under the laws of Nova Scotia must
keep a duplicate of any branch register kept outside the province
at its registered office in the province. As regards transfers
inter vivos, a distinction is understood to arise between:
- Companies incorporated under the Nova Scotia Companies Acts, in
which case a transfer inter vivos on a branch register appears to
be valid and effectual in itself. Accordingly if the securities are
registered on a branch register in the UK they must be treated as
situated in the UK.
- Companies incorporated under other Acts, in which case no
transfer on a branch register is effectual until entered in the
principal register. On that footing, registered securities may be
regarded as situated in Nova Scotia, even though they may be
registered on a branch register in the UK.
This restriction does not affect locality for Inheritance Tax
purposes on the deceased’s death.
Refer problems to TG, or to your Team Leader, in
Scotland.
