Addition of
new section SA.
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(b) by inserting, in the appropriate place in the alphabetical order having regard to the initial letter of each of them, the following definitions-
(Cp. 113
""exchange contract cancellation note" includes any
document whereby the use or delivery of any currency, other than the currency of the Colony. under an exchange contract, or the cancellation, setting off, termination or carrying out of an exchange contract, is evidenced:";
"money changer" means a person licensed to carry on the business of a money changer in accordance with the Miscellaneous Licences Ordinance:".
3. The principal Ordinance is amended by adding the following new section after section 5-
"Relief from
stamp duty
on transfer
'k
SA. (1) Stamp daty under head 19 of the Schedule shall not be chargeable on an instrument to
of property which this section applies.
from one
ussociated
company to
another.
let. 20 & 21 Geg. 1. c. 18.
1. 42.
1 G. 6, c. 46, 150.1
Schedpile
(2) This section applies to any instrument as respects which it is shown to the satisfaction of the Collector that-
୮
(a) the effect of the instrument is to convey or transfer a beneficial interest in property from one associated company to another such company; and
(5) the conveyance or transfer was not effected in pursuance of or in connexion with an arrangement under which-
(i) the consideration for the conveyance or transfer was to be provided directly or indirectly by a person other than a company which at the time of the execution of the instrument was associated with either the transferor or the transferee; or
(i) the beneficial interest in the property was previously conveyed or transferred directly or indirectly by such a person as aforesaid.
(3) An instrument to which this section applies shall not be deemed to be duly stamped unless either it is stamped with the duty to which it would but for this section be liable or it has, in accordance with the provisions of section 17, been stamped either with the particular stamp denoting that it is not chargeable with any duty or that it is duly stamped.
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(4) For the purposes of this section a company shall be deemed to be associated with another com- pany if, but not unless, both are companies with limited liability and either-
(a) one of them is the beneficial owner of not less than ninety per cent of the issued share capital of the other; or
(6) not less than ninety per cent of the issued share capital of each of them is in the beneficial ownership of a third company with limited liability.".
4.
Section 6 of the principal Ordinance is amended-
(a)
by deleting the proviso to subsection (1) and substituting the following-
122 of 19005.)
(22 of 1946)
"Provided that such excess stamp duty shall not be payable in respect of the amount or value of the consideration of—
(a) property comprised in a conveyance which has already borne the excess stamp duty imposed by this subsection or the Stamp (Amendment) Ordinance 1946; or
(6) property comprised in a conveyance on sale of land granted in exchange for the sur- render to the Crown (other than a surrender in accordance with the conditions of a grant of a new Crown lease for an extended term) of the same or another piece of land where-
(i) such exchange was initiated by the Crown and a certificate to this effect is endorsed by the Land Officer on the said conveyance on sale; and
(i) the land surrendered to the Crown bad been comprised in a conveyance on sale which had borne the excess stamp duty pay- able under the provisions of this subsection or the Stamp (Amendment) Ordinance 1946."; and
(b) by inserting the following new subsection after sub-
section (3)-
"(4) Whenever a certificate is endorsed by the Land Officer on a conveyance on sale for the purpose
Amendment of Section 6.