1969-HKRS28-8-36_Part03 — Page 27

Addition of

new section

12B.

Amendment of section 14.

Amendment of section 21.

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(b) either such trade or business is exercised in the course of the actual carrying out of the expressed object of such institution or trust, or the work in connexion with such trade or business is mainly carried out by persons for whose benefit such institu- tion or trust is established, and

which the Collector recognizes as such by certificate io writing".

3. The principal Ordinance is amended by adding, after section 12A, the following new section—

"Certificate

inter vivos. Schechule.

12B. (1) Whenever a reference is made in sub- with respect head (1) of head 53 of the Schedule to a voluntary to voluntary dispositions disposition inter vivos of land or to a conveyance or transfer of land operating as a voluntary disposition inter vivos being certified at a particular amount such reference means that such disposition, conveyance or transfer contains a statement certifying that the trans- action effected by the instrument does not form part of a larger transaction or series of transactions in respect of which the value, or aggregate value, of the land exceeds that amount.

(2) Where a conveyance or transfer of land is. under subsection (4) of section 27, deemed to be a conveyance or transfer of land operating as a volun- tary disposition inter vivos, and the instrument is certified in accordance with section 12A, the parties to the transaction shall produce to the Collector, if the value of the land conveyed or transferred does not exceed forty thousand dollars, a certificate in accordance with subsection (1) for the purposes of paragraph (a) or (b), as the case may be, of sub-head (1) of head 53 of the Schedule. If such certificate is attached to the instrument, the instrument shall be deemed to be certified in accordance with this section.".

4. Section 14 of the principal Ordinance is amended in subsection (2)

(a) by deleting "and revenue stamps" in paragraph (c); and (b) by deleting "and revenue stamps of any denomination"

in paragraph (b).

5. Section 21 of the principal Ordinance is amended in subsection (2) by deleting "registers" and substituting the follow- ing-

"presents for registration".

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6. Section 26 of the principal Ordinance is amended- (e) in subsection (9)-—

(i) by deleting the full stop at the end of paragraph (c) and substituting a semicolon; and

(ii) by inserting the following new paragraph-

(d) a banker and the Government for the purpose of the Exchange Fund established under section 3 of the Exchange Fund Ordinance."; and (b) by inserting, after subsection (11), the following new

subsection-

[Cap. 56.)

7.

(a)

"(12) For the purposes of this section, where one foreign currency is sold and another foreign currency is purchased, or where there is a barter of foreign currency for foreign currency, under the same exchange contract, only one cancellation pote shall be executed in respect of such contract.".

Section 27 of the principal Ordinance is amended- by deleting subsection (1) and substituting the follow- jugTM

*(1) Subject to subsection (1A), any voluntary disposition inter vivos, and any conveyance or transfer operating as a voluntary disposition inter vivor, shall be chargeable with stamp duty under head 53 in the Schedule.":

(b) in subsection (3), by inserting before "conveyance"

wherever it occurs the following—

"disposition.";

(c) in subsection (5)—–

() by deleting "A" at the beginning and substituting the following---

"The foregoing provisions of this section shall not apply to a"; and

(ii) by deleting "shall not be charged with duty under this section," and

(d) in subsection (6), by inserting before "conveyed"

wherever it occurs the following—

"disposed of.".

$. Section 33A of the principal Ordinance is amended, in paragraph (a) of subsection (3), by deleting "the lease" in the first place where it occurs and substituting the following-

"a lease".

Amendment of section 26.

Amendment of section 27.

Amendment of

section 334.