Amendment of
15.
section 27.
(a)
LO
(b) one money changer and another money
changer;
(c) a banker and a money changer.
(10) An exchange contract cancellation nole shall not be necessary or be chargeable with duy where an exchange contract is, either wholly or in part, cancelled, or set off or otherwise terminated or carried out if ad valorem duty is paid on a relevant bill of exchange or telegraphic transfer advice note for the equivalent amount of currency so cancelled or set off or otherwise released.
(11) If, pursuant to an exchange contract, currency is remitted to or from the Colony and ad valorem duty has been paid under this Ordinance on a relevant exchange contract cancellation note, bill of exchange or telegraphic transfer advice for the equivalent amoual of currency the instrument effecting such remittance shall not be chargeable with duty.".
Section 27 of the principal Ordinance is amended- by deleting "Any" in subsection (1) and substituting the following--
"Subject to subsection (1A), any":
(b) by inserting the following new subsection after subsection
()-
Sebedule.
"(IA) Any transfer operating as a voluntary disposition inter vivos of shares or marketable securi- ties shall be chargeable with duty under head 48(1) in the Schedule."; and
(c) by inserting the following new subsection after subsection
(5)-
"(6) For the purposes of this section, the value of properly conveyed or transferred by an instru- ment chargeable with duty under this section shall be determined without regard to-
(d) any power (whether or not contained in the instrument) on the exercise of which the property, or any part of or any interest in the property, may be revested in the person from whom it was conveyed or transferred or in any person on his behalf; (b) any annuity reserved out of the property or any part of it, or any lift interest or other interest so reserved, being an interest which is subject to forfeiture.”.
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16. Section 30 of the principal Ordinance is amended- (a) by deleting subsection (I) and substituting the following- "(1) Any person who effects any sale or pur- chase of any shares or marketable securities as a broker or agent, or who as a principal buys or sells any shares or marketable securities, shall-
(a) forthwith make and execute a contract note and transmit the note duly stamped to his principal or to the vendor or purchaser of the shores or marketable securities, as the case may be; and
(6) cause an endorsement to be made on the instrument of transfer of such shares or marketable securities to the effect that ad valorem duty has been paid on the contract note under bead 18A in the Schedule "; and (b) by inserting the following new subsections after sub-
section (7)
Schedule.
Schodok.
Schedule
"(8) If in the case of a sale or purchase of any shares or marketable securities the ad valorem duty specified in head (8A in the Schedule has not been paid on a bought note or a sold note or if a bought note or a sold note, as the case may be, has not been made and executed, there shall be payable on the instrument of transfer by way of stamp duty. in addition to the stamp duty otherwise payable thereon, an ad valorem duty squal to the ad valorem duty which would have been payable on the bought note or the sold note, as the case may be.
(9) Where any instrument of transfer has been stamped with ad valorem duty under subsection (8) the Collector shall make an endorsement on the instrument to that effect.
(10) No instrument of transfer of any shares or marketable securities shall be deemed to be duly stamped unless-
(a) it has been endorsed in accordance with paragraph (b) of subsection (1) or sub- section (9) in respect of both a sale and purchase; or
(b) it has been endorsed by the Collector to
the offcot-
(i) that ad valorem duty has been paid thereon under head 48(1) in the Schedule:
От
Amendment of acction 30.
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