§ 1.—(1) Subject to the provisions of this Schedule where the residuary estate of the intestate includes a business, or businesses of which the intestate was the sole owner or in which the intestate was a partner with the surviving husband or wife the surviving husband or wife may require the personal 2105 representative in exercise of the power conferred by section forty-one of the principal Act (and with due regard to the requirements of that section as to valuation) to appropriate the said interest in a business or businesses in or towards satisfaction of the interest of the surviving husband or wife in the residuary estate.
§ (2) The surviving husband or wife shall not be entitled to require the personal representative to distribute to him or her any part of the residuary estate, other than personal chattels, until he or she has notified the personal representative that he or she intends, or does not intend, to exercise the power conferred by this paragraph.
§ (3) Nothing in subsection (5) of section forty-one of the principal Act (which requires the personal representative, in making an appropriation to any person under that section, to have regard to the rights of others) shall prevent the personal representative from giving effect to a requirement under this paragraph.
§ (4) Where, under the second proviso to subsection (1) of the said section forty-one (which relates to persons under disability) consent to an appropriation in favour of the surviving husband or wife would have to be given by another person, any notification under this paragraph shall also be given by that other person.
§ (5) The reference in this paragraph to the interest of the surviving husband or wife in the residuary estate does not include a reference to a share in the residuary estate in which the husband or wife has a life interest; and the reference in subparagraph (2) of this paragraph to a distribution of a part of the residuary estate does not include a reference to a payment in respect of a life interest.
§ 2. The said interest in the business or businesses shall not be sold, except where required for the purposes of administration owing to want of other assets, unless the surviving husband or wife has notified the personal representative that he or she does not intend to exercise the power conferred by this Schedule.
§ 3.—(1) Where the surviving husband or wife is the sole personal representative, or one of several personal representatives, the rule that a trustee may not be a purchaser of trust property shall not prevent the surviving husband or wife from purchasing out of the estate of the intestate an interest in such business or businesses.
§ (2) The power of appropriation under the said section forty-one of the principal Act shall include power to appropriate an interest in such business or businesses partly in satisfaction of an interest of the surviving husband or wife in the residuary estate and partly in return for a payment of money by the surviving husband or wife to the personal representative.
§ (3) References in this Schedule to a business shall include all trade marks and letters patent and all goods manufactured and unmanufactured and all stock-in-trade machinery plant and effects belonging to the estate in connection with or used for the purpose of the said business and the benefit of all contracts subsisting in relation thereto at the death 2106 of the intestate and also all book debts which shall then be owing to the intestate in connection with the said business and any securities for money cash or money at the bank to the credit of the said business accounts and shall be liable to the taking over and discharging by the purchaser of all liabilities of the intestate in connection with the said business existing at the intestate's death against which the surviving spouse exercising the aforesaid option to purchase shall indemnify the intestate's estate.—[Mr. Fanner.]
§ Brought up, and read the First and Second time and added to the Bill.