Security for future advances, how to be charged.
54 & 55 Vict. c. 39, s. 88.
Tontine mortgages.
General exemptions.
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different persons in parts or parcels, the conveyance of each part or parcel is to be charged with ad valorem duty in respect only of the consideration moving from the sub-purchaser thereof, without regard to the amount or value of the original consideration.
(6) Where a sub-purchaser takes an actual convey- ance of the interest of the person immediately selling to him, which is chargeable with ad valorem duty in respect of the consideration moving from him, and is duly staniped accordingly, any conveyance to be after- wards made to him of the same property by the original seller shall be chargeable only with such other duty as it may be liable to, but the last-mentioned duty shall not exceed the ad rulorem duty.
32. (1) A security for the payment or repayment of money to be lent, advanced, or paid, or which may become due upon an account current, either with or without money previously due, is to be charged, where the total amount secured or to be ultimately recoverable is in any way limited, with the same duty as a security for the amount so limited.
(2.) Where such total amount is unlimited, the secu- rity is to be available for such an amount only as the ad valorem duty impressed thereon extends to cover, but where any advance or loan is made in excess of the amount covered by that duty the security shall for the purpose of stamp duty be deemed to be a new and separate instrument, and as executed by all the parties and as bearing date on the day on which the advance or loau is made.
(3.) Provided that no money to be advanced for the insurance of any property comprised in the security against damage by fire, or for keeping up any policy of life insurance comprised in the security, or for effecting in lieu thereof any new policy, or for the renewal of any grant or lease of any property comprised in the security upon the dropping of any life whereon the property is held, shall be reckoned as forming part of the amount in respect whereof the security is chargeable with ad valorem duty.
33. The duty on tonline mortgages shall be calculat- ed on the principal sum advanced and not on the total amount of the payments secured.
34. The following instruments shall be exempt from stamp duty under this Ordinance to the extent bereiu- after stated:--
(a.) All instruments executed by or on behalf of His Majesty, or by or on behalf of any officer of His Majesty's service in his official capa- city, shall be wholly exempt from duty: provided that this exemption shall not extend to any document executed by any such cfacer as official administrator, or as official receiver, or as offcial receiver of ecmpanies, or as a liquidator, or as official trustee, or in pursuance of any order or writ of any court.
(6) All instruments for the sale, transfer, or other disposition, either absolutely or by way of mortgage or otherwise, of any vessel, or of any part, interest, share, or property, of or in any vessel, shall be wholly exempt from duty.
(c.) All instruments which relate to property
situate out of the Colony, other than shares and marketable securities, shall be exempt
from duty in respect of such property.
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35. Whenever the Land Officer shall certify that a Reassign- reassignment has been made for the sole purpose of ments and enabling the mortgagor as the owner of any property made for the
mortgagee held from the Crown to obtain a Crown lease thereof, sole purpose and that a new mortgage of the same property similar of a new
in all respects to the previous mortgage was made Crown lease. immediately upon the granting of such Crown lease, then such reassignment and new mortgage shall be exempt from stamp duty, and the Collector shall, on production to him of such certificate and of such reassignment and new mortgage, endorse thereon a certificate to the effect that the same are under this section exempt from stamp duty.
copy
Attested
instruments
36. In case any instrument of which an attested shall be made has annexed to it or subscribed upon it copies of any certificate, affidavit, declaration, or attestation containing referring to the execution of such instrument or to any attestation other formality in connection with such instrument, no clauses. separate or additional stamp shall be required for or in respect of an attested copy of any such certificate, affidavit, declaration, or attestation, and the stamp of three dollars upon the attested copy of the principal instrument shall he deemed to cover and include the attested copies of all such certificates, affidavits, declarations, and attestations.
"chope".
37. The impressions of Chinese cames, shop names, Chinese or trailing names, commonly called "chops", shall not be deemed to be seals for the purpose of this Ordinance.
38. The Government shall not be responsible for the Responsi- loss of or for damage to any instrument tendered for bility for loss stamping whilst in the custody of the Collector, nor of or damage shall any officer of the Stamp Office be responsible for instrument, such loss or damage, unless he has caused it wilfully, fraudulently, or by gross negligence.
39-(1.) Where any obligation or liability is under Liability in the provisions of this Ordinance imposed upon a cor- the case of porate body, and such obligation or liability is not corporale
bolics and discharged, every director, manager, secretary, and
firms. other officer, of the corporate body, who is wilfully a party to the default, and the said corporate body, shall be deemed to commit an offence against this Ordinance.
(2) Where any obligation or liability is under the provisions of this Ordinance imposed upon a firm, and such obligation or liability is not discharged, every partner in the said firm, and every servant of the said firm, who is wilfully a party to the default, and the person appearing to have the management of the said firm within the Colony, shall be deemed to commit au offence against this Ordinance.
40.-(1.) If it appears to a magistrate upon the cath Inspection. of any person that there is reason to believe that there are or may be upon or in the possession or under the control of any person, or on any premises, any books of account or other instruments whatsoever any of the contents of which may tend to show that an offence against this Ordinance has been committed, it shall be lawful for such magistrate to issue a search warrant authorising any person named or referred to in the Baid warrant to search any such person, and to enter and search any such premises and any person found therein, and to inspect and take copies of any books of account or other instruments found ou such premises or upon such person.
(2.) Any copies so taken shall be admissible in evidence
in any proceedings under this Ordinance.
(3) No person shall obstract any such inspection or taking of copies in any manner whatsoever.
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