Amendment of Heading 40 of the Schedule to Ordinance
No. 8 of 1921.
Definition of authorised banker.
Transfers to authorised dealers.
Shares pledged by authorised dealers.
Definition of authorised dealer.
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(2) "Authorised banker in sub-section (1) of this section means a banker who is authorised by the Governor in Council for the purpose of this section, and whose name has been published in the Gazette as having been so authorised.
27D.--(1) In the case of shares transferred on sale to an authorised dealer the only duty payable shall be the duty specified under head- ing 40 (7) in the Sebedule.
(2) In the case of shares pledged as security for a loan by an authorised dealer to an autho- risel banker (provided that the name of such authorised banker, or his nominee, be at such time inserted in the instrument of transfer as transferee) the only duty payable shall be the duty specified under heading 40 (6) in the Schedule on transfer to the bauker or nominee or re-transfer to the dealer.
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(3) Authorised dealer in this section means a dealer who is authorised by the Governor in Council for the purpose of this section, and whose name has been published in the Gazette as having been so authorised.
Revocation of 27E. It shall be lawful for the Governor in authorization Council to withdraw at any time his authority of bankers from any banker or dealer previously autho-
and dealers.
rised.
3. Heading 40 in the Schedule to the Stamp Ordinance 1921, is hereby amended as follows by the addition after sub-paragraph (4) thereof of the following new sub-para- graph.
No. of Heading.
Instrument.
SCHEDULE.
Duty.
Nature of Stamp.
Point of time before which, or period within which, the instrument must
be stamped.
Person liable for stamping, where stamping is compulsory.
40.
(5) Late Registration Duty.
See section 27B.
If registered after one month Overembossed.
after execution by the trans- feror; at the rate of fifty cents for every hundred dollars or part thereof of the market value on the date of stamping of the transfer instrument. If registered after three months at the rate of $1. It regis- tered after six months at the rate of $2.50. If registered after one year at the rate of $5.
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 by the transferor.
(6) Transfer to an authorised $2.
banker (see sections 270 and 27D) by way of security for & loan; or a re-transfer by an authorised banker on repay- ment of a loan.
(7) Transfer to an authorised $2.
dealer (see section 27D.)
Before Registration. The transferor and
the transferee.
Overembossed.
Before execution.
The transferor and
the transferee.
Overembossed.
Before execution.
The transferor and
the dealer.