256
90
to
HONGKONG LEGISLATIVE COUNCIL
trustee and the transfer of the prop to him.
HONGKONG LEGISLATIVE COUNCIL
91
reyances that w. $1 on every $100. | sporadic cases of individual hardship ed, that in time the public would learn
original Bill provided for a scale of would probably never teach the com- cente on amall assignments and $1 munity at large, so that the only justė- that they must stamp all agreements within seven days, but the conclusion we Clause 5 is also a relaxation of large assignments, but that was alter fication for indicting hardship in in- have come to is that occasional individual and provides that every bond to se later, by the amending Ordinance, dividual cases disappears. The effect of cases of hardship caused by the rejection the payment or repayment of it is now proposed by this clause clause 2 is that all “voluntary” instru- of unstamped agreements will never avail has to pay an ad valorem duty, and to apply the same rule to voluntary ments, .c., instruments where the non
fixed sum of $20. That is real bositions. I beg to move the first payment of duty is no offence, may be teach the public at age the the agreements should be stamped within relaxation, or reduction, of duty. Ting.
stamped as of right, subject to certain penalties which are set out in the new seven days. We think that the possible may be cases in which a higher sum advantage to the revenue would be more be payable under this clause, but COLONIAL SECRETARY seconded, sub-section (5) which is to be added to than counterbalanced by the hardship practice in most cases the new hea motion was carried, and the Bill was
saction 8 of the principal Ordinance. sused to individuals and by the undesir will provide for a lower duty. Its a first time. ability of shutting out evidence which rather unfair that every bond-what he "Objects and Reasons would otherwise be admissivle. The clause the amount should have to pay the therefore proposes to provide that a paratively large sum of $20.
time agreement may be stamped at any on payment, of course, of certain penal beading, 12A, applies to bonds the
rate of mortgage duty. ties if it is not stamped within seven days. The penalties are set out in the proposed new sub-clause 6 if the instrument is within
of time, $5 ; month out one if it is within three months, $25; within vix months, #50; over six months out of time, $100.
The
I have dealt with clause alre Clause 7 is merely intended to mak clear that, upon the re-assignment of curity, duty must be paid on the
which Was advanced. amount was the intention of the original hea but it was not quite elear.
Clause @ deals with the duty on a ment of trade marks.
state:-
The amendments proposed to be le by this bill would probably not have hed immediate legislation but for the that a revised edition of the Ordin- is in course of preparation and that desirable that these amendments id be made in time for inclusion in revised edition.
36
–În general, it is a criminal offence to stamp any instrument included in schedule in the Stamp Ordinance.
3.-Clause 3 is intended to make it clear that the persons who are required to take out certificates to practise must do so although they may not be prac tising on their own account.
-The present duty on the appoint ment of a new trustee is $10, and ap parently there is no duty on the transfer of the property to the new trustee. The addition of the proposed new Heading No. 154, which is the object of clause õ of the bill, would have the effect of making the total duty on the appoint In Februare are four exceptions to this rule, ment of a new trustee, and the transfer this year the heading which appearents of service with a corporation, of the property to him, 8:30. To avoid this, the principal Ordinance was repealed copies, and duplicates. In these clause 4 proposes the addition to Head- regulation and another beading subs case, the only important class of ing No. 5 of words which will make the ed. That regulation was clearly, It is that of agreements, it is no $10 duty cover both the appointment and valid in part, but its validity was doce not to stamp, but an unstamped the transfer. In England the instrament an appointment and 10/- on another point, because it seemment may not be received in evi- pays 10/- as have the effect of subjecting the tree. Section 16 of the principal Ordi- in respect of the transfer. It is not of very great importance, but it of the goodwill-which must, of course, which at present contains the only duty is under section 62 of the Stamp
Clause 3 is intended to make it clear that the certificates which must be taken out each year by barristers, solicitors, medical practioners, architects and so on, must be taken out by each professional man whether he is in practice on his own
account or not.
Clause 6-1 am omitting for the mo- ment clauses and 5-adopts a heading taken from the English Stamp Acta.
The latter
Similar words are included in the new Heading No. 43 which is pro- posed in clause 9 of the bill.
transferred with the trade mark-tor to stamp an instrument out of Act, 1891. provides
This heading, pro is so strictly worded that excep that any conveyance or calorem duty. transfer not specifically referred to in the
to be substituted, is a returnal circumstances are generally neces schedule of the principal Ordinance is to former duty, and the effect will be before stamping can be allowed. It
5. Bonds to secure the payment or re- pa stamp duty of #30. It is a general the duty on the assignment of a trade bought that this would be likely to provision to "rope in" any conveyanceS or marks, with, of course, the good considerable hardship in the case payment of money, c.g., an arbitration Agreements. Agreements are very bond, pay $20 at present. This seems too which are not specifically provided for the goods to which the trade mark elsewhere:
Mently entered into by persons who high. Under the Stamp Ordinance, 1891, the ordinary conveyance shall pay only $10, whether one pays an ad valorem duty.
mark be assigned or more than ost, no legal training or advice, and who they paid the same ad valorem duty as a bly never think of the question of mortgage, and this is the rule in Eng Howling 16A, which clause 6 proposes to that no additional duty shall be paya
ping at all. If a dispute arises and land. Clause 5 adopts this rule, which add, would have the effect of subjecting to the transfer of the goodwill. It si
ation ensues the party relying on the had already been adopted in Ordinance that duty of 90 transfers of property the duty very much, because it is di
sement may find himself wholly unable No. 21 of 1921, for the case of bonds to made on the appointment of a new often, to ascertain the value of the trustee. The present duty on the ap-will, and in the great majority of force his rights, solely because the secure the payment of estate duty.
pament was not stamped within seven
6. Clause 6 proposes to insert a head- pointment of a new trustee is $10 and is stated to be of nominal value.
of execution. The other party to: apparently that duty covers also the transfer of property for the purpose of
contract is thus sometimes provided ing which is adapted from the English
Stamp Acts. 24 not vary praiseworthy defence to effecting the appointment. If no change
otherwise perfectly good. The 7. Clause 7 is intended to make it clear were made in the payment of trustee
for this strictness in the principal that upon re-zasigament of a security, duty, the effect of clause would be that
lance in the case of agreement was whether the re-assignment be a single on the sppointment of a new trustee the duty would be $30 and not
it was hoped that the public gene re-assignment of the whole security or would be induced to stamp all consist of several separate re-assignments, $10. Clause is intended to provide
Mments, but it is now thought that the total re-asignment duty must amount that, in spite of clause 6, the $10 duty will still cover both the appointment of a new
Clause 9 is another animportant ment and provides for a stamp 890 on vesting orders other tha which come under the definition
conveyance on sale.
Clause 10 is merely an attempt t up a doubt which has arisen and ride that the duty on voluntary tions is to be the same as the