CO129-420 - Governor Sir May - 1915 [1-2] — Page 281

Report on an Ordinance intituled

An Ordinance to amend the Stamp Ordinance, 1901.

277

The main object of this ordinance is to give the Governor-

in-Council power in exceptional circumstances to authorise the

stamping after execution of documents which could not be stamped

after execution under the former law.

The immediate occasion which gave rise to the introduction

of the bill was a difficulty which arose in connection with cer-

tain transfers of shares in a company incorporated in the United

Kingdom which opened a colonial register in Hongkong last year. Transfers of shares placed onthis colonial register had in many cases been executed before the placing of the shares on the colo- nial register. Such transfers were not stamped here but would

Now that have paid stamp duty eventually in the United Kingdom. the shares are on the colonial register the transfers cannot be registered unless stamped in Hongkong. The difficulty was that under the former local law transfers of Buares could not be stamped after execution and there was no power of relaxing this provision under any circumstances. As in many cases it was im- possible, or practically impossible, to obtain a fresh execution by the transferor, the case seemed to be one which called for

legislation.

The Ordinance also provides that the consent of the Attorney General shall no longer be necessary to prosecutions under the Stamp Ordinance. The requirement of this consent dates back in the Hongkong Ordinance to the year 1866, but it does not appear to have any practical basis of necessity,

In my opinion this is an Ordinance to which His Excellency the Governor may properly assent in the name of His Majesty and

on His behalf.

Attorney General.