1949-HKRS29-8-16_Part02 — Page 10

3

Addition of

new section 12й to the principal Ordinance.

* (1) This Ordinance shall come into operation on the lat Commence of May, 1949, and shall apply-

(d) by inserting two additional bearls after head 44 thereat as follows :---

lodgment.

The person lodging.

the 1st of May,

**45. Import Declara-

tion for the purposes of the regulations

under section

3 of the

Registration

of Imports and Exporta Ordinance, 1922.

46. Export Declara-

tion for the

purposes of the

regulations

under section

A of the

Registration

of Importa

and Exports Ordinance,

1022.

$1. Adhesive. Before

را

#1. Adhesive.

Before lodgment.

The person lolging."

3. The principal Ordinance is hereby amended by the insertion of the following additional section after section 12 thereof:-

"Cheques drawn on tarian supplied by banks authorized in theat Behalf need not bear

■ stamp.

12A. (1) The Colonial Secretary may, in his absolute discretion, by an order published in the Gazette, authorize any bank doing business in the Colony to compound for the payment of duty on nustamped cheques on the following conditions:-

(a) that the said cheques be drawn and issued on forms to be supplied or adopted by the said hanki

(b) that the said bank do levy upon or charge to the person to whom such cheques are issuel the stamp duty mentioned in the Schedule;

(c) that the mid bank do pay on the lat January and 1st July in each year to the Collector the amount due and collected thereon as dutirs ou such unstamped cheques.

(2) Cheques drawo and issued On forms supplied or adopted by such bank in accordance with this section shall be deemed to be duly stamped notwithstanding any provision of this Onlinance or of the regulation made hereunder relating to afixing and cancelling of stamps or the method of denoting the payment of stamp duty."

JACAK.

Application

transitional provisions

() as regards receipts to receipts issued on or after and

1949; and

(b) as regards instruments under head 10 aforesaid to all instruments drawn on or after the 1st of May, 1949, and all instruments drawn after the 1st of January, 1949, and prior to the 1st of May, 1949, which are presented for payment, indorsed, transferred, or in any manner negotiated, paid, or used after the 1st of May, 1949.

(2) In applying this Ordinance to instruments drawn after the 1st of January, 1949, and prior to the 1st of May, 1949, any such instrument shall be deemed to be duly stamped if stamped in accordance with the law in force immediately prior to the commencement of this Ordinance and if and so long as the provisions of sub-section (3) are complied with.

(3) Every person into whose hands an instrument, liable to stamp duty under head 10 in the Schedule and drawn subsequent to the 1st of Jannary, 1949, and prior to the 1st of May, 1949, may after the commencement of this Ordinance come, shall, before he presents the same for payment or indorses, transfera or in any manner negotiates, pays or uses such instrument, affix thereto anch adhesive stamps as will together with the stamps, if any, already offixed thereto be sufficient to discharge the stamp duty imposed on such instrument by the principal Ordinance as amended by this Ordinance: Provided that—

peranu;

() if at the time when any such instruinent comes into the hands of any bona fide holder there is affixed thereto an adhesive stamp effectually cancelled, the stamp shall, so far as relates to the holder, be deemed to be duly cancelled, although it may not appear to have been affised or cancelled by the proper

(b) if at the time when any such instrument comes into the hands of any bona fide holder there is affixed thereto an adbesiva stamp not duly cancelled, it shall be competent for the holder to cancel the stamp as if he wore the person by whom it was affixed, and upon his so doing the instrument shall be deemed duly stamped and as valid and available as if the stamp had been cancelled by the person by whom it was affixed; and

(c) notwithstanding anything contained herein or in the principal Ordinance a person who takes or receives from another an instrument, which has not been duly stamped by reason of a failure to comply with this section, and who, prior to the 1st of July. 1949, affixes thereon such adhesive stamps as will together with the stamps if any, already affixed thereto suffice to discharge the duty imposed by the principal Ordinance as amended by this Ordinance and cancels the same, shall not be precluded from recovering on auch instrument or making the same available,

(4) The provisos to sub-section (3) shall not operate to relieve any person from any fine or penalty incurred for not cancelling an adhesive stamp.