marketable securities to the effect that duty
has been paid on the contract note under head 18A in the Schedule.";
(b) in subsection (2), by deleting “broker,”;
(e) by inserting, after subsection (3), the following new
subsection-
*(3A) Every contract note shall be duly stamped within two days after the sale or purchase to which it relates has been effected.";
(d) in subsection (5), by deleting "advises" and substituting
the following-
""relates to":
(e) in subsection (7), by deleting "broker.";
(
in subsection (8)-
(i) by inserting, after "marketable securitics", the following
"effected by a person who is not resident in Hong Kong.": and
(ii) by deleting "18A" and substituting the following—
"18A(1)":
(g) in subsection (10)(a), by deleting "(b)" and substituting
the following-
"(d)":
(h) in subsection (11), by-
(i) deleting "(b)" and substituting the following
"X": and
(ii) inserting, after "or", the following-
in the case of duty paid under head 18A(1),”; and
(0 by deleting subsection (12) and substituting the follow-
ing-
"(12) Any person who-
(a) fails to comply with subsection (1); or (b) makes an endorsement for the purposes of subsection (D)(d) which is to his knowledge false in a material particular,
shall be guilty of an offence.".
5
10. The principal Ordinance is amended by adding, after section 30, the following new section—
**Ad valorem duly pay- able where transaction does not amount to jobbing
business.
39A. Where a contract note is stamped under head 184(2) in the Schedule and the whole or any part of the transaction to which it relates is not jobbing business, there shall be payable by the broker effecting the sale or purchase to which the contract note relates by way of stamp duty on demand on a note to be issued by the Collector-
(a) an amount equal to the ad valorem duty which would have been payable under head 18A(1) in the Schedule in respect of the whole or part of the transaction, as the case may be; and
(b) an amount equal to interest on the amount referred to in paragraph (a) at the rate of three cents per hundred dollars per day in respect of the period from the date of the purchase or sale to the date of payment of that amount:
Provided that, where the amount referred to in paragraph (a) includes a fraction of one hundred dollars such fraction shall, for the purposes of deter- mining the amount referred to in paragraph (5), be reckoned as one hundred dollars.",
11. The principal Ordinance is amended by adding, after section 37, the following new section--
"Securities
ment of money.
37A. In determining whether an instrument is for payment the only or principal or primary security within the and repay-
meaning of sub-head (1) of head 37 in the Schedule, no account shall be taken of any other instrument 1969 25, which is a security for the same payment or repayment (as the case may be), or for any part thereof, unless that other instrument is chargeable with stamp duty under the said sub-head and is duly stamped.".
I
1. 63|
12. Section 47 of the principal Ordinance is amended by inserting, after subsection (4), the following new subsection—
"(5) Any person who fails to comply with the provisions of subsection (4) shall be guilty of an offence.".
13. The Schedule to the principal Ordinance is amended- (a) by deleting bead 18A and substituting the following-
Addition of new section 30A.
Addition of new section 37A.
Amendment of section 47.
Amendment of Schedule,