A468
Ord. No. 77/81
Amendment of section 5.
3.
Amendment of section 9.
STAMP DUTY (AMENDMENT)
Section 5(1) of the principal Ordinance is amended by inserting after "section" the following ——
"and section 9".
4. Section 9(1) of the principal Ordinance is amended by deleting "may be stamped" and substituting the following-
Amendment of section 19.
5.
Addition of
new section
19A.
"shall not be stamped except”.
Section 19 of the principal Ordinance is amended-
(a) in subsection (1) by deleting "Any" and substituting the follow-
ing-
"Subject to this section, any";
(b) by inserting after subsection (1) the following-
"(1A) Subsection (1) shall not apply to a sale or purchase of a unit under a unit trust scheme-
(a) where the sale or purchase is effected by extinguish-
ing such unit; or
(b) where the sale or purchase of the unit is effected by the managers under the unit trust scheme and their power to effect such sale or purchase arises- (i) from the transfer to them of that or some other unit within the immediately preceding 2 months; or (ii) otherwise than from a previous transfer to them of that or some other unit."; and
(c) by inserting after subsection (10) the following-
"(10A) In relation to a sale or purchase of a unit under a unit trust scheme other than a sale or purchase referred to in subsection (1A), the obligations imposed by this section First Schedule. (other than subsection (1)(c)) and head 2(1) in the First
Schedule on any person other than the managers under the unit trust scheme shall be carried out by the managers in addition to any obligation so imposed on them, and for that purpose subsection (2)(a) shall not apply.".
6. The principal Ordinance is amended by adding after section 19 the following-
"Refund of
stamp duty in respect of sale
units under unit
trust schemes.
19A. (1) Where stamp duty is paid under head 2(1)
in the First Schedule in respect of a sale or purchase of a and purchase of unit under a unit trust scheme effected by the managers under such scheme, the stamp duty shall be refunded to the managers upon application to the Collector under subsection (2) if the managers and trustees under such scheme, before the expiration of 2 months from the date on which the sale or purchase is effected, jointly certify that-
First Schedule.
(a) the certificate, if any, in respect of the unit has been
cancelled;
(b) as a consequence of the sale or purchase, a propor- tionate part of the trust property has been realized, and the trust property diminished accordingly; and (c) the unit is extinguished and the managers have no
power to transfer any other unit in lieu thereof.
(2) On an application for a refund of stamp duty under this section, the applicant shall produce to the Collector the
f
STAMP DÚTY (AMENDMENT)
Ord. No. 77/81
A469
contract notes in respect of which the stamp duty was paid and the joint certificate of the managers and trustees referred to in subsection (1).
(3) In this section "trust property" has the meaning assigned to it by section 30.".
7. Section 30 of the principal Ordinance is amended in subsec- Amendment of tions (3), (4) and (5) by inserting after "requirement", wherever it occurs, section 30. the following-
"or any other instrument expressed to be substituted therefor by the managers with the approval of the Collector".
Passed by the Hong Kong Legislative Council this 23rd day of December 1981.
Jennie CHOK,
Clerk to the Legislative Council.
This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.
Jennie CHOK,
Clerk to the Legislative Council.