.193
Annexe E.
A BILL
INTITULED
An Ordinance to amend the law relating to
Stamp Duty.
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 Amend- ment Ordinance, 1928.
2. The Stamp Ordinance 1921 is amended by the Short title. insertion of the following sections immediately after section 27 thereof:-
Transferor
of shares which are on a register
27A. (1) Every person who transfers to Insertion of any other person any share which is on a share new sections register which is required by law to be kept 27A, 27B, within the within the Colony shall forthwith make and 27C, 27D and
27E, in Colony must execute an instrument of transfer of such share, Ordinance
which transfer shall contain the true date of No. 8 of execution by the transferor.
1921.
state true
date of execution.
Transferee must not accept
undated and unstamped transfers.
Late Regis- tration Duty
Period of grace.
Shares pledged to authorised Bankers as security,
(2) No person shall accept a transfer of any share on a share register which is required by law to be kept within the Colony unless the instrument of transfer
(i) purports to contain a statement of the date of the execution by the transferor and
(ii) is duly stamped with the appropriate
transfer duty.
27 B.-(1) If a transfer of a share on a share register of a company which is required by law to be kept within the Colony be not registered within one mouth from the date of execution of the transfer by the trausferor, such transfer shall be registered only after payment of the late registration duty specified in the Schedule hereto. Provided that in the case of a transfer executed by either party out of the Colony, the date of receipt of such executed transfer within the Colony shall be substituted for the date of execution of the transfer by the transferor.
(2) In the application of the provisions of sub-section (1) to the case of transfers of share execute by the transferor before the com- mencement of this Ordinance, six months after the commencement of this Ordinance shall be substituted for the date of execution by the transferor; provided that after the expiration of six months from the commencement of this Ordinance no instrument of transfer which does not contain the true date of execution by the transferor shall be stamped with the late registration duty except with the express perinission of the Collector.
27C.—(1) In the case of shares pledged as security for a loan to an authorised banker by the person (other than an anthorised dealer} in whose name the shares are registered at the time of such pledge (provided that the name of such authorised banker, or of his nominee, be at such time inserted in the instrument of transfer as transferee) the only duty payable shall be the duty specified under beading 40 (6) in the Schedule on transfer to the banker or nominee or re-transfer to the original trans- feror.