1946-HKRS28-8-13_Part02 — Page 9

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"property" means any estate or interest in land.

(3) The value of the consideration previously attributable to any property shall with the exceptions bereinafter untioned be the value of the consideration attributable to such property on the last congevance on sale thereof after the 1st of lanuary, 1938 recorded in the Registers of the Land Office at Victoria, or in the, napro- priate Land Office in the New Territories.

(4) Where none of the aforesaid, reginers have any record of any conveyande on sale after the lạt of January, 1038 of the property transferred to or rested, in a purchaser by any new conveyance, the value of the consideration, provingly át- tributable to such property shall be deem- ed to be the value thereof on the 1st of January, 1938 or, on the date when the property was first acquired from the Crown, whichever shall be the later date.

(5) In any case in which any conveyance on sale recorded in any of the aforesaid registers comprises property not trans- ferred or vested under the new conveyance in addition to the property so transferred or vested the value of the consideration properly attributable to the property so transferred or vested shall be ascertained by a fair apportionment of the total con- sideration on such first mentioned oon- reyance between such property and the other property comprised in such con-

revance.

(6) Excess stamp duty shall be payable on an exchange of property as if the value of the greater property was the value of the consideration comprised in a new con- veyance mud the value of the same property on the 1st of January, 1988 was the value previously attributable to it.

(7) (a) It shall be lawful for the Collector by untice in writing to require any person executing a conveyance subjected to excess duly by this section to produce to him at his office any documents of title. books of account, records or other docu- ments (including certified copies of any record) which in the opinion of the Col- lector are relevant to the assessment of the excess duty bereinbefore imposed upon such new conveyance or to ascertaining whether any such duty is chargeable, tö furnish any information which the Cul- lector considers relevant for such purpose and to verify by statutory declaration any such information.

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(b) Any such notice shall impose an obligation to comply with all the require- ments thereof and failure to comply with any such requirement other than a failure which a person accused sutisfies the magistrate is not unreasonable shall be an offence against this Ordinance. Such obligation shall be deemed to be imposed upon any person to whom such notice is lawfully addressed and, if such person is a corporation or firm, the provisions of sub-sections one and two respectively of section 39 shall apply.

(c) Without prejudice to any other lawful method of service any such notice shall as against any person be deemed to have been sufficiently served if addressed by registered post to the address stated by the new conveyance to be the address of such person or if service is accepted by the solicitors acting for such person upon the now conveyance, and, as against a purchaser of the property comprised in the new conveyance, if left with any adult occupier of auch property or posted up in a conspicuous position on such property.

(8) Any of the values relevant to the deter- mination of excess starp duty uy be determined by the Collector of his own motion or in pursuance of a requirement under paragraph (b) of subsection 1 of Section 14 and the Collector tay for such purpose avail himself of the opinion of such persons as he deems advisable.

(9) Subsections (2) to (7) both inclusive of section 5 of this Ordinance shall apply in like manner as they would have applied had the stamp duty hereinbefore provided for been specified in the third column of the Schedule to this Ordinance opposite heading No. 15 thereof. Provided always that where any new conveyance is executed pursuant to a contract or agree- ment for sale which on or before the 30th of September, 1946 was or might be deemed to have been duly stamped in accordance with section 314 of this Ordinance, any provision in such contract or agreement or any rule of law or equity whereby as between the parties the liability for the duty by this section imposed is to be borne by the purchaser shall not apply and as between such parties the duty shall be borne and be recoverable in like manner as if provision had been made by such contract or agree- ment that the duty should be borne as to a moiety thereof by the purchaser and as to the other moiety by the person liable