Amendment of section 4.
Amendment of section 3.
2
(b) by deleting the definition of "contract note" and sub-
stituting the following-
"contract note" means the note required to be made
and executed under section 30(1);";
(c) by inserting, after the definition of "Japanese House Registration Office", the following new definition-
""jobbing business" means such business carried on by a broker as may be specified as jobbing business by regulations made under section 4;"; (d) in the definition of "marketable security", by deleting "sold in the stock market in the Colony" and substituting the following-
"dealt in on a recognized stock exchange"; and (e) by inserting, after the definition of "promissory note",
the following new definition--
TO 12)
1973.J
"recognized stock exchange" means a body of persons, corporate or unincorporate, in respect of which an order made or deemed to have been made under section 3(1) of the Stock Exchanges Control Ordinance 1973 declaring the body to be a recognized stock exchange is for the time being in force;".
3. Section 4 of the principal Ordinance is amended- (a) by deleting “and” at the end of paragraph (e), and (b) by inserting, after paragraph (e), the following new
paragraph-
4.
"(ea) specify what constitutes jobbing business and
prescribe the procedure for stamping contract notes made and executed pursuant to jobbing business; and”.
Section 5 of the principal Ordinance is amended by adding, after subsection (4), the following new subsection--
"(4A) If a contract note is not made and executed as required by section 30(1), the person specified in the Schedule as being liable for stamping shall be liable civilly to the Collector for the payment of the specified duty and for any penalty on payment of which stamping by special leave would be allowed under section 19.".
Amendment of section 14.
5.
Section 14 of the principal Ordinance is amended in subsection (2)(a) by deleting "18A" and substituting the following
"18A(1)".
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6. The principal Ordinance is amended by adding, after section 15A, the following new section--
*Agreement for com- position of stamp duty on letters of
allotment.
158. Where the Collector is of opinion that it is impracticable or inexpedient to require that the stamp duty chargeable under head 33 in the Schedule should be charged and paid on each separate letter of allot- ment or other document having the effect of a letter of allotment, issued by any company or proposed company, the Collector may enter into an agreement with any person executing such letters of allotment or other documents for the composition, in accordance with the provisions of section 15E, of the stamp duty chargeable on such letters of allotment or other docu- ments executed by that person as may be specified in the agreement.",
7. Section 15E of the principal Ordinance is amended in subsection (1) by inserting, after "15A", the following-
8.
"or 15B".
Section 26 of the principal Ordinance is amended by deleting subsection (10) and substituting the following-
"(10) An exchange contract cancellation note shall not be necessary or be chargeable with duty where an exchange contract is, either wholly or in part, cancelled, or set off or otherwise terminated or carried out if-
9.
(a) ad valorem duty is paid on a relevant bill of exchange or telegraphic advice note for the equivalent amount of currency so cancelled or set off or other- wise released; or
(5) duty is paid on a relevant travellers cheque under
head 11(5) in the Schedule.”.
Section 30 of the principal Ordinance is amended--
(a) by deleting subsection (1) and substituting the following
"0) Any person who effects any sale or purchase of shares or marketable securities as an agent or as a principal shall forthwith-
(a) make and execute a contract note;
(b) cause the note to be stamped;
(c) if he is the agent, transmit the note duly
stamped to bis principal; and
(d) cause an endorsement to be made on the instrument of transfer of such shares or
Addition of new section
152.
Amendment of section 15E.
Amendment of section 26.
Amendment of section 30.