It ceases to exist whenever that gap is filled by someone becoming beneficially entitled.
2.
A gift is taken when a donee becomes beneficially entitled in possession to some property without paying full consideration for it.
3.
At the beginning of the story the plaintiffs were beneficially entitled under an express trust to a sum standing in the name of Mr . Murphy in a bank account.
4.
In order for insolvency set-off to operate there must be strict mutuality between the claims ( in that the company and creditor must both be beneficially entitled to the relevant debts, not merely claimants as agents or trustees for another party ).
5.
Now the argument is, that the words every member mean, not a man registered on the list of shareholders, but any person beneficially entitled to shares, because if not carried to that extent I do not understand the argument at all.
6.
The duty of the liquidator is to take possession and control of all of the assets which the company is beneficially entitled to, sell ( or liquidate ) them, and then distribute the proceeds among the creditors in accordance with the statutory scheme of priorities.
7.
The Supreme Court heard its first case, " Detamaigo v Demaure ", in April 1969 . The case consisted in an " appeal against a decision of the Nauru Lands Committee as to the persons beneficially entitled to the personality of the estate of a deceased Nauruan ".
8.
Section 25 of the 1882 Act defines the tenant for life as " the person who is for the time being, under a settlement, beneficially entitled to possession of settled land, for his life & " usually the person entitled to the life estate in possession or entitled to the fee tail in possession.
9.
Any such suggestion is quite inadmissible, and therefore it is clear that the chairman had no right to inquire who was the beneficial owner of the shares, and the votes in question ought to have been admitted as good votes independently of any inquiry as to whether the parties tendering them were or were not, and to what extent, trustees for other persons beneficially entitled to the shares.
10.
By that act a duty varying from 1 % to 10 % according to the degree of consanguinity between the predecessor and successor was imposed upon every succession which was defined as " every past or future disposition of property by reason whereof any person has or shall become beneficially entitled to any property, or the income thereof, upon the death of any person dying after the time appointed for the commencement of this act, either immediately or after any interval, either certainly or contingently, and either originally or by way of substitutive limitation and every devolution by law of any beneficial interest in property, or the income thereof, upon the death of any person dying after the time appointed for the commencement of this act to any other person in possession or expectancy ".
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