962
LEGISLATIVE COUNCIL.
Draft Bills.
No. S. 90.-The following Bills are published for general information:-
(C.S.O. 6070/34).
A BILL
[No. 1:-7.3.35.-3.]
Short title.
Amendment
of Ordinance No. 8 of
1921, s. 3 (28).
New section 16A for
Ordinance
No. 8 ol 1921.
Effect of
non-com-
pliance with stamp laws in case of
certain bills of exchange. Geo. 5, c. 19,
23 & 24
s. 42.
New sub- section (2A) for Ordin- ance No. 8 of 1921, s. 21.
New section 25A for Ordinance
No. 8 of 1921.
Certain
mortgages of shares to be
chargeable
as agree- ments. 54 & 55
Vict. c. 39,
$. 23.
INTITULED
An Ordinance to amend the Stamp Ordinance, 1921.
Be it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as the Stamp Amendment Ordinance, 1935.
2. Section 3 of the Stamp Ordinance, 1921, is amended by the insertion of the words "or debenture (being a marketable security)" after the words "any share" in the third line of paragraph (28).
3. The Stamp Ordinance, 1921, is amended by the insertion of the following section immediately after section 16 thereof:-
16A. Notwithstanding any enactment to the contrary, a bill of exchange which is presented for acceptance, or accepted, or payable, outside the Colony shall not be invalid by reason only that it is not stamped in accordance with the provisions of this Ordinance, and any such bill of exchange which is unstamped or not properly stamped may be received in evidence on payment of the proper duty and penalties as provided by sections 6 and 16 of this Ordinance.
4. Section 21 of the Stamp Ordinance, 1921, is amended by the insertion of the following sub-section immediately after sub-section (2) thereof :-
(2A) A person who is required under the provisions of this section to take out a certificate, and who fails to take out the same, shall be liable civilly to the Collector for the payment of the duty, which, but for such failure, would have been payable.
5. The Stamp Ordinance, 1921, is amended by the insertion of the following section immediately after section 25 thereof:-
25A. (1) Every instrument under hand only (not being a promissory note or bill of exchange) given upon the occasion of the deposit of any share warrant or certificate to bearer, or foreign or colonial share certificate, or any security for money transferable by delivery, by way of security for any loan, shall be deemed to be an agreement, and shall be charged with duty accordingly.