49
Amendment
of Heading
40 of the
Schedule
to Ordinance
No. 8 of
Definition of authorised
banker.
Transfers to authorised
dealers.
Shares pledged by authorised dealers.
Definition of authorised dealer.
14
(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.
27 D. (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 Schedule.
(2) In the case of shares pledged as security for a loan by an authorised dealer to an autho- rised 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 trausfer to the banker or nominee or re-transfer to the dealer,
(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 and dealers. from any banker or denler previously autho-
of bankers
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.
15
-
Objects and Reasons,
The object of this Bill is to prevent the evasion of Estate and Stamp Duties by providing that transfers of sbares all contain the true late of execution by the transferor, and that registration of transfers shall be effected promptly.
Provision is made for the payment of late registration duty.
Provision is also made for the payment of a nominal duty of two dollars only in the case of transfers to or by authorised bankers, where the transfer is executed by way of security for a loan, and in the case of transfers to anthorised dealers.
October, 1928
C. G. ALABASTER,
Annexe F.
Attorney General.
Proposed revision of Stamp Duty on Contracts.
1921.
No. of Heading.
Instrument.
SCHEDULE.
Nature of Stamp.
Duty.
40.
(5) Late Registration Duty.
If registered after one month Overembossed.
See section 27B.
after execution by the trans-
feror at the rate of fifty cents i
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. If regia | tered after aix 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 a
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.)
Point of time before which, or period within which, the instrument must
be stamped.
Person liable for stamping, where stamping is compulsory.
Up to $ 1,000
$ 1 Stamp.
2,500
3
5,000
+
7,500
5
10,000
6
12,500
7
12
15,000
8 33
17,500
9 11
20,000
10
17
Before Registration. The transferor and
the transferee.
For every additional $5,000 or part thereof, $2.
Overombossed.
Before execution.
The transferor and
the transferee.
| Overembossed.
Before execution.
The transferor and
the dealer.
Present Stamp Duty on Contracts.
Up to $ 1.000.
10,000
20,000
50,000
above 50,000
$1 Stamp.
3
11
5
13
7.50 10
Share dealings through brokers or direct between clients must be subject to these duties.
Provide penalties for evasion, particularly in transactions direct between principals.
No stamps on transfer deeds, and legislate for non-paying of dividends as already proposed.
50
Page 40Page 41
51