Addition of
new section 12A to the principal Ordinance.
(d) by inserting two additional bearls after hear 44 therent as follows:-
**45. Import Declara-
tion for the
$1. Adhesive. Before
lodgment.
The person lodging.
purposes of the
regulations
under section
3 of the
Registration of Imports and Exports Ordinance, 1922.
46. Export Declara-
tion for the
purposes of the
regulations
under sertion
A of the
Registration of Importa and Exports Ordinance, 1922.
U
#1. Adhesive.
Before lodgment.
The person lolging."
3. The principal Ordinance is hereby amended by the insertion of the following additional section after section 12 thereof:
"Chequer drawo on tormon supplied by banks authorized in that behalf need not bear
■ stamp.
12A. (1) The Colonial Secretary may, in his absolute discretion, by an order published in the Gazette, authorize any bank doing business in the Colony to compound for the payment of duty on mustamped cheques on the following conditions:-
(a) that the said cheques be drawn and issued on forms to be supplied or adopted by the said honki
(b) that the said bank do levy upon or charge to the person to whom such cheques are issuell the stamp duty mentioned in the Schedule;
(c) that the said bank do pay on the lat January and 1st July in each year to the Collector the amount due and collected thereon na duties on such unstamped cheques,
(2) Choques drawo and issued ΠΙΤΙ forms supplied or adopted by such bank in accordance with this section shall be deemed to be duly stamped notwithstanding any provision of this Ordinance or of the regulation made hereunder relating to ufixing and cancelling of stamps or the method of denoting the payment of stamp duty."
3
4. (1) This Ordinance shall come into operation on the Jat Commence of May, 1949, and shall apply-
SPEAK,
Application
(0) as regards receipts to receipts issued on or after and the 1st of May, 1949; and
(b) as regarda instruments under head 10 aforesaid to all instruments drawn on or after the 1st of May, 1949, and all instruments drawn after the 1st of January, 1949, and prior to the 1st of May, 1949, which are presented for payment, indorsed, transferred, or in any manner negotiated, paid, or used after the 1st of May, 1949.
(3) In applying this Ordinance to instruments drawn after the 1st of January, 1949, and prior to the 1st of May, 1949, any such instrument shall be deemed to be duly stamped if stamped in accordance with the law in force immediately prior to the commencement of this Ordinance and if and so long as the provisions of sub-section (3) are complied with.
(3) Every person into whose hands an instrument, liable to stamp duty under head 10 in the Schedule and drawn subsequent to the 1st of January, 1949, aud prior to the 1st of May, 1949. may after the commencement of this Ordinance come, shall, before he presents the same for payment or indorses, transfers or in any manner negotiates, pays or uses such instrument, affix thereto anch adhesive stamps as will together with the stamps, if any, already affixed thereto be sufficient to discharge the stamp duty imposed on such instrument by the principal Ordinance as amended by this Ordinance: Provided that-
person
() if at the time when any such instruinent comes into the hands of any bona fide holder there is affixed thereto an adhesive stump effectually cancelled, the stamp shall, so far as relates to the "holder, be deemed to be duly cancelled, although it may not apponr to have been affixed or cancelled by the proper
(b) i at the time when any such instrument comes into the hands of any bona fide holder there is affixed thereto an adhesiva stamp not duly cancelled, it shall be competent for the holder to cancel the stamp as if he wore the person by whom it was affixed, and upon his so doing the instrument shall be deemed duly stamped and as valid and available as if the stamp had been cancelled by the person by whom it was affixed; and
(e) notwithstanding anything contained herein or in the principal Ordinauce a person who takes or receives from another an instrument, which has not been duly stamped by reason of a failure to comply with this section, und who, prior to the 1st of July. 1949, affixes thereon such adhesive stamps as will together with the stamps if any, already affixed thereto suffice to discharge the duty imposed by the principal Ordinance as amended by this Ordinance and cancels the same, shall not be precluded from recovering on auch instrument or making the same available. (4) The provisos to sub-section (3) shall not operate to relievo any person from any fine or penalty incurred for not cancelling an adhesive stamp.
transitional provisions