CO129-476 - Acting Governor Claud Severn & Governor Sir Stubbs - 1922 [8-12] — Page 303

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5.

Bonds to secure the payment or repayment of money paid a

fixed duty of $20 under the principal Ordinance. This seemed

too high for many classes of bond, e.g., arbitration bonds.

Under the Stamp Ordinance, 1891, they paid the same ad valorem

duty as a mortgage. Section 5 adopts this rule, which had

already been adopted in Ordinance No. 21 of 1921 for the caseO

of bonde to secure the payment of estate duty.

6.

Section 6 inserts a heading which is adapted from the

English Stamp Acte.

7.

Section 7 is intended to make it clear that upon re-assign-

ment of a security, whether the re-assignment be a single re-

assignment of the whole security or consist of several separate

re-assignments, the total re-assigment duty must amount to 10

cents for every $500 of the whole sum secured. It may happen that the mortgage is paid off in instalments, without any re- assignment taking place on the payment of any given instalment. This case was not met by the form of the heading in the prin-

cipal Ordinance.

The repeal of heading No. 43, which the regulations pub- lished on the 24th February, 1922, purported to effect, was of doubtful validity, as it subjected the assignment of trade

marka to the ad valorem conveyance duty.

Section 8 makes

the stamp duty on an assignment of a trade mark (or trade marke)||

This was probably the intention of with the goodwill $10.

the original heading No. 43, because of course a trade mark cannot be validly assigned without the goodwill.

9.

Section 9 imposes a stamp duty of $20 on vesting orders other than vesting orders which fall within the definition of

a conveyance on sale.

10.