STAMP.
No. 8 of 1921.
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(c) any person who may for the time being be exempted by the Governor in Council on the ground that the whole of the time of such person is at the disposal of some charitable institution.
22.-(1) When any exchange contract is, either wholly or in part, cancelled, or set off, or otherwise terminated, or carried out, by some transaction upon which neither bill of exchange nor telegraphic transfer duty is paid, the person specified in the sixth column of heading No. 20 in the Schedule as the person liable for stamping shall forthwith execute a cancellation note, which shall set forth the amount of currency so cancelled or set off or otherwise released, and such cancellation note shall be stamped with the duty specified in the Schedule.
(2) The duty shall be calculated on the equivalent of the sum of foreign currency in the currency of the Colony at the rate of exchange which under the contract would be the rate of exchange for delivery on the date on which the contract is, wholly or in part, cancelled, or set off, or otherwise terminated, or carried out, by the transaction on which neither bill of exchange nor telegraphic transfer duty is paid.
(3) If the exchange contract is only partly cancelled, or set off, or otherwise terminated, or carried out, by a transaction on which neither bill of exchange nor telegraphic transfer duty is paid, exchange contract duty shall be paid on the equivalent in Hong Kong currency, as provided in sub-section (2), of the amount of foreign currency cancelled or set off or otherwise released.
(4) Without prejudice to the rights of the seller and purchaser inter se, the person specified in the sixth column of heading No. 20 in the Schedule as the person liable for stamping shall be liable under this Ordinance for the stamping of any exchange contract cancellation note which is required to be stamped under the provisions of this section.
(5) Every exchange contract cancellation note shall be duly stamped within two days after the exchange contract has been wholly or in part cancelled, or set off, or otherwise terminated, or carried out, as aforesaid: Provided that no general holiday shall be reckoned in the computation of the said period of two days.
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