CO129-469 - Governor Sir Stubbs - 1921 [9-12] — Page 96

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5.

Section 4 deals with exchange contracts.

The words "or

carried out" are inserted because it might possibly be argued that section 22 of the principal Ordinance applied only to cases where something in the nature of cancellation takes place. Paragraphs (b) and (e) of section 4 are explained in paragraph 11 below. The new sub-section (7) of section 22 of the prin- cipal Ordinance gives the Collector power to remit the duty on exchange contract cancellation notes, executed by bakkers, if the Collector is satisfied that, owing to bankruptcy or any

other cause,

the banker cannot recover the duty, or cannot re- cover all the duty, from the person who is liable to pay the duty. The new sub-section (8) provides that in the case of

a genuine cancellation, as distinguished from a set off, the exchange contract cancellation note duty shall be payable only in respect of the original contract, although for the purposës of the banker's accounts the cancellation may take the form of

The conditions of this concession a second exchange contract.

are that the cancellation agreement must be come to, and the exchange for the cancellation be fixed, and the transaction be

completed, on the same day.

6. Where an adjudication is applied for the Collector has, under section 14 (2) of the principal Ordinance, power to call for an abstract of the instrument and for evidence to show whether the necessary facts have been set out in the instrument. Section 5 gives him this power in the case of instruments which are tendered for stamping.

7.

"ection 6 makes certain amendments in the schedule to the

These amendments are explained below. principal Ordinance.

8.

Paragraph (a.) is a repetition of a regulation which was

made on the 13th May, 1921.

It is inserted here because it