CO129-468 - Governor Sir Stubbs - 1921 [6-8] — Page 230

Enclosure

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Regulations made by the Gocernor in Council under section 4 of the Stamp Ordinance, 1921, Ordinance No. S of 1921, on the 9th day of June, 1921.

Trules.

1. The stamp duty on bonds to secure the payment of estate duty referred Estate Ihny to in section 11 (2) of the Estate Duty Ordinance, 1915, shall be at the rate of 20 cents for every $100 or part thereof of the amount secured, provided that the maximum amount of stamp duty chargeable on any such bond shall be $20.

2. Sub-heading (7) of Hending No. 29 in the schedule to the Stamp Amenduent Ordinance, 1921, is amended by the deletion of the following words in the third loading column of the said schedule:--

10 cents for every $500 or part thereof of the principal sum secured.

and by the substitution therefor of the following words—

Where the whole of the principal sum secured is released or discharged, 10 cents for every $500 or part thereof of the principal sum securcil.

Where a portion of the principal sum secured is released or discharged, 10 cents for every $500 or part thereof of the amount actually released or discharged.

No. 2017%

3. Sub-heading (8) of Heading No. 20 in the schedule to the Stamp Amendment Ordinance, 1921, is amended by the deletion of "Do" in the third column of of leading the said schedule and by the substitution therefor of the following words:--

10 cents for every $500 or part thereof of the principal suu secured.

No. 29

4. Heading No. 33 in the schedule to the Stamp Ordinanco, 1921, is Amendment, amended by the deletion of the following words in the second column of the of leading said schedule:---

(4.) Floating Policies, for each endorsement.

(5.) Marine Policies other than those specified above. and by the substitution therefor of the following words : —

(4) Marine Policies other than huil risks for time. (5.) Floating Policies, for euch endorsement.

No. 33.

P

COUNCIL CHAMBER,

S. B. B. McELDERLY, Clerk of Councils.

9th June, 1921.

Note The object of Regulation i is to provide that bonds to secure the payment of estate duty shall be chargeable at the same rate of duty as mortgages, provided that the anoint does not exceed the general deed stamp duty, Le. $20. Under the Stamp Ordinance, 1901, encl bonds were chargeable with stamp duty at the same rate as mortgages. Under the Stamp Orlinauce, 1921, they are chargeable with the general deed stamp of $20.

Note 2.-The object of Regulations 2 and 3 is to restore the former practice under the Stamp Ordi- manco, 1901, with regard to the duty to be paid on re-assignments of portions of the property covered by mortgage, Regulation 3 is a mere drafting amendment and does not alter the duty on certificates of satisfaction,

Note 3.-The object of Regulation 4 is to make it quite clear that the sub-hending relating to floating policies does not apply to marinë insurance. As the leading stands at present, it might be imagined that the sub-heading relating to floating policies was intended to refer to open marine policies, whereas it really refers to the case of fire insurance.

Note 4-Previons regulations made muder the alve Ondiuaneo wore published in the Gazette Extra- ordinary of the 80th April, 1921, and in the Gazette of the 18th May, 1921, (us corrected by Notification No. 236, published in the Gazette of the 20th May, 1921),

(Laid before the Legislative Council on the 23rd day of June, 1921.)