Apportionment Law 1958 638840504515013524

1. Citation. This Law may be cited as the Apportionment Law.

2. Interpretation. In this Law - "Dividends" includes all payments made by the name of dividend, bonus, or otherwise out of the revenue of trading or other public companies, divisible between all or any of the members of such companies whether such payments are usually made or declared at any fixed times or otherwise; and all such divisible revenue shall, for the purposes of this Law, be deemed to have accrued by equal daily increments during and within the period for and in respect of which the payment of the same revenue is declared or expressed to be made, but the word "dividend" does not include payments in the nature of a return or reimbursement of capital; [33 and 34 Viet, C. 35, s.5] "Rents" includes all periodical payments or renderings in lieu of or in the nature of rent.

3. Periodical payments apportionable in respect of time All annuities, dividends, pensions, rents, salaries and other periodical payments in the nature of income (whether reserved or made payable under an instrument in writing or otherwise) shall, like interest on money lent, be considered as accruing from day to day and shall be apportionable in respect of time accordingly. [lb S. 2.]

4. Apportioned part to be payable when next entire portion has become due. The apportioned part of any such annuity, dividend, pension, rent, salary or other payment shall be payable or recoverable in the case of a continuing annuity, dividend, pension, salary or other such payment when the entire portion of which such apportioned part forms part becomes due and payable, and not before, and, in the case of an annuity, dividend, pension, rent, salary or other such payment determined by re-entry, death or otherwise, when the next entire portion of the same would have been payable if the same had not so determined, and not before. [lb. S.3.]

5. Remedies for recovering apportioned parts. All persons and their respective heirs, executors, administrators and assigns, and also the executors, administrators and assigns respectively of persons whose interests determine with their own deaths, shall have the same remedies at law and in equity for recovering such apportioned parts aforesaid when payable (allowing proportionate parts of all just allowances) as they respectively would have had for recovering such entire portion as aforesaid if entitled thereto: Provided that persons liable to pay rents reserved out of or charged on lands or other hereditaments, and the same lands or other hereditaments, shall not be resorted to for any such apportioned part forming part of an entire or continuing rent as aforesaid specifically, but the entire or continuing rent, including such apportioned part, shall be recovered and received by the heir or other person who, if the rent had not been apportionable under this Law, or otherwise, would have been entitled to such entire or continuing rent and such apportioned part shall be recoverable from such heir or other person by the executors or other parties entitled under this Law to the same.

6. Saving as to contrary stipulation The provisions of this Law shall not extend to any case in which it is expressly stipulated that no apportionment shall take place.

7. Saving as to policies of assurance Nothing in this Law shall render apportionable any annual sums made payable in policies of assurance of any description.