23 Oct 1979
THE COMMISSIONER OF INLAND REVENUE v. THE HONG KONG AND SHANGHAI BANKING CORPORATION AND ANOTHER
- Citation
- THE COMMISSIONER OF INLAND REVENUE v. THE HONG KONG AND SHANGHAI BANKING CORPORATION AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCMP229/1979
The court held that under section 76(1) 'due' means 'payable' and does not extend to purely future obligations; the relevant time for the statutory notice is monies payable or payable within the 30 day period. The 1977 instrument created a continuing fixed charge over deposits held to the Bank's order and acknowledged by the stakeholder; therefore the section 76(1) notice did not apply to the charged deposit moneys and the Bank was entitled to the deposit and accrued interest.