(b) by deleting subsection (2) and substituting the follow-
ing
**1930 ¤, 28,
(2) Subject to subsections (2A) and (2B), this section applies to any instrument in respect of which it is shown to the satis- faction of the Collector that the effect thereof is to convey or transfer a bencficial interest in property from one associated company to another such company,”; and
(c) by inserting the following new subsections—
**1967 4. 24.
*. 270).
(2A) This section shall not apply to any instrument unless it is also shown to the satisfaction of the Collector that the instrument was not executed in pursuance of or in connexion with an arrangement under which-
(a) the consideration, or any part of the consideration, for the convey- ance or transfer was to be provided or received, 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 (meaning respectively. the company from whom and the company to whom the beneficial interest was conveyed or trans- ferred); or
(b) the said interest was previously conveyed or transferred, directly or indirectly, by such a person; or (c) the transferor and the transferee
were to cease to be associated within the meaning of this section by reason of a change in the per- centage of the issued share capital of the transferee in the beneficial ownership of the transferor or a third company with limited liabi- lity.
(2B) Without prejudice to the gener- ality of paragraph (a) of subsection (2A), an arrangement shall be treated as within that
4.
paragraph if it is one under which the trans- feror or the transferee, or a company asso- ciated with either as there mentioned, was to be enabled to provide any of the con- sideration, or was to part with any of it, by or in consequence of the carrying out of a transaction or transactions involving, or any of them involving, a payment or other dis- position by a person other than a company so associated.".
4.
Section 26 of the principal Ordinance is amended in sub- section (11) by deleting pursuant to an exchange contract,”.
Section 27 of the principal Ordinance is amended in sub- section (1A) by inserting after "transfer" the following-
5.
6.
(a)
including a letter of renunciation.”.
Section 30 of the principal Ordinance is amended- by deleting subsection (13) and substituting the follow- ing-
"(13) In this section- "instrument of transfer" includes
renunciation;
#
letter of
"sale or purchase” includes exchange: "shares or marketable securities" means shares or marketable securities the transfer of which is required to be registered in the Colony."; and
(b) by inserting the following new subsection-
"(14) Where there is an exchange of an allot- ment of shares or marketable securities in a com- pany for existing shares or marketable securities, a contract note shall be executed only in respect of the sale or purchase of the existing shares or mar- ketable securities.".
7. The Schedule to the principal Ordinance is amended-
(a)
pad
by deleting head 14 and substituting the following-
"BOND as beneath.
14 (1) BOND to secure the pay- (a) 20 cents for every ment or repayment of money.
$100 or part there-
of of the penalty
or
maximuro amount payable.
Amendment of section 26.
Amendment of Lection 27.
Amendment of section 30.
Amendment of Schedule.