-3-
297
•
5.
Bonds to secure the payment or repayment of money paid a
fixed duty of $20 under the principal Ordinance. This seemed
too high for many classes of bond, e.g., arbitration bonds.
Under the Stamp Ordinance, 1891, they paid the same ad valorem
duty as a mortgage. Section 5 adopts this rule, which had
already been adopted in Ordinance No. 21 of 1921 for the caseO
of bonde to secure the payment of estate duty.
6.
Section 6 inserts a heading which is adapted from the
English Stamp Acte.
7.
Section 7 is intended to make it clear that upon re-assign-
ment of a security, whether the re-assignment be a single re-
assignment of the whole security or consist of several separate
re-assignments, the total re-assigment duty must amount to 10
cents for every $500 of the whole sum secured. It may happen that the mortgage is paid off in instalments, without any re- assignment taking place on the payment of any given instalment. This case was not met by the form of the heading in the prin-
cipal Ordinance.
The repeal of heading No. 43, which the regulations pub- lished on the 24th February, 1922, purported to effect, was of doubtful validity, as it subjected the assignment of trade
marka to the ad valorem conveyance duty.
Section 8 makes
the stamp duty on an assignment of a trade mark (or trade marke)||
This was probably the intention of with the goodwill $10.
the original heading No. 43, because of course a trade mark cannot be validly assigned without the goodwill.
9.
Section 9 imposes a stamp duty of $20 on vesting orders other than vesting orders which fall within the definition of
a conveyance on sale.
10.