1518
No. 8 of 1921.
STAMP.
Security for future advances, how to be charged.
54 & 55 Vict. c. 39, s. 88.
Tontine mortgages.
General exemptions.
stances of the case, the conveyance or transfer shall be stamped accordingly, and the same, and the said contract or agreement, shall be deemed to be duly stamped. Nothing in this proviso shall alter or affect the provisions as to the stamping of a conveyance or transfer after the execution thereof;
(6) Provided also that the ad valorem duty paid upon any such contract or agreement shall be returned by the Collector in case the contract or agreement be afterwards rescinded or annulled, or for any other reason be not substantially performed or carried into effect, so as to operate as or be followed by a conveyance or transfer.
32. (1) A security for the payment or repayment of money to be lent, advanced or paid, or which may become due upon an account current, either with or without money previously due, is to be charged, where the total amount secured or to be ultimately recoverable is in any way limited, with the same duty as a security for the amount so limited.
(2) Where such total amount is unlimited the security is to be available for such an amount only as the ad valorem duty impressed thereon extends to cover, but where any advance or loan is made in excess of the amount covered by that duty the security shall for the purpose of stamp duty be deemed to be a new and separate instrument and as executed by all the parties and as bearing date on the day on which the advance or loan is made:
(3) Provided that no money to be advanced for the insurance of any property comprised in the security against damage by fire, or for keeping up any policy of life insurance comprised in the security, or for effecting in lieu thereof any new policy, or for the renewal of any grant or lease of any property comprised in the security upon the dropping of any life whereon the property is held, shall be reckoned as forming part of the amount in respect whereof the security is chargeable with ad valorem duty.
33. The duty on tontine mortgages shall be calculated on the principal sum advanced and not on the total amount of the payments secured.
34. The following instruments shall be exempt from stamp duty under this Ordinance to the extent hereinafter stated—
* As amended by No. 1 of 1925 [6.3.25].