Addition of new section 33.A.
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(ii) that no ad valorem duty is payable thereon; or
(c) the Collector has expressed his opinion thereon in accordance with section 17.
(1) An endorsement under paragraph (6) of subsection (1) shall be made by the Collector or by such person as may be authorized by the Collector. and in a manner approved by the Collector.
(12) Any person who makes an endorsement for the purposes of paragraph (b) of subsection (1) which is to his knowledge false in a material particular shall be deemed to commit an offence.
(13) In this section, "shares or marketable securities" means shares or marketable securities the transfer of which is required to be registered in the Colony.".
17. The principal Ordinance is amended by adding the following new section after section 33-
"Special provisions
as to leases.
Schedule.
33A. (1) An instrument whereby the reat reserved by any other instrument chargeable with duty and duly stamped as a lease is increased shall be chargeable with duty as a lease only in respect of the additional rent thereby made payable.
(2) Where the consideration or any part of the consideration for which a lease or an agreement for a lease is granted or made consists of a covenant or other undertaking by, or a condition requiring, the lessee to erect a building or otherwise to expend money on the subject matter of the lease the amount or value of the consideration shall be deemed to be a premium in respect of which the lease or agreement for the lease is chargeable with ad valorem duty in accordance with subhead (1) or (3) of head 32 in the Schedule.
(3) (a) Where the ownership of, or an entitle- ment to, shares in a company confers a right to a lease or an option to take a lease of any property, the consideration for any lease or agreement for the lease granted or entered into in pursuance of such right or of the exercise of such option shall be deemed to consist wholly or partly of a premium equal to the purchase price or value of the shares or the value of the property, whichever is the greatest, and the lease or agreement for
Schedule.
Schedule.
13
a lease shall be chargeable with stamp duty accordingly under subhead (1) or (3) of head 32 in the Schedule.
(b) Where any such shares are, or any entitle- ment to shares is, transferred and any such lease or agreement for a lease is assigned to the transferee of the shares or the entitlement to shares or his nominee, the consideration for such assignment shall be deemed to consist wholly or partly of an amount equal to the purchase price or value of the shares or the value of the property comprised in the lease or agreement for lease, whichever is the greatest, and the assignment shall be charge- able with stamp duty accordingly under Section & and head 19 in the Schedule. (4) Where a lease is granted or agreed to be granted without payment of a premium or fine and reserves no rent or in the opinion of the Collector reserves an inadequate or indeterminate rent the lease or agreement shall for the purposes of this Ordinance be deemed to reserve a rent equivalent to the amount of rent which is the opinion of the Commissioner for Rating and Valuation would in all the circumstances be reasonable having regard to the terms and condi. tions (other than the terms and conditions fixing the amount of rent, if any) on which the property is let or agreed to be let.".
18. Section 37 of the principal Ordinance is amended in sub- sections (2) and (4) by deleting "one dollar" and substituting the following in each case-
"three dollars".
19. Section 40 of the principal Ordinance is amended- (a) in subsection (4) by-
(D) deleting ", other than shares and marketable securities." in paragraph (b); and
(ii) deleting paragraph (d) and substituting the following-
"(d) all grants by the Crown and all Crown leases and all surrenders of such grants and leases shall be wholly exempt from duty:"; and
(b) by deleting subsection (5) and substituting the
following-
"(5) Where the Government or an exempted person is a party to a lease or agreement for a lease,
Amendment of section 37.
Amendment of section 40.
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