CO129-522-5 Stamp Amendment Ordinance 1929 6-12-1929 - 12-5-1930 — Page 13

15

documents from stamp duty altogether, but it was

suggested that it might be arguable that a trust

receipt given to a banker, while not liable to duty

as a declaration of trust, was liable to duty as a

mortgage. Section 3 of this Ordinance accordingly

adds to the definition of the term "mortgage" words

which exclude from the meaning of that term "trust

receipts given to a banker."

5.

Section 4 of this Ordinance introduces into

section 5 (1) of the principal Ordinance certain

words taken from section 1 of the Stamp Act, 1891, 54 & 55

Vict. c. 39, which are desirable for greater accuracy.

6.

The two

Section 5 of this Ordinance adds two classes to the persons who are exempt from the obligation to

take out annual certificates to practise.

classes are (1) Professors of the Faculty of Medicine

of the University of Hong Kong, and (2) any persons

exempted by the Governor in Council on the ground

that the whole of their time is at the disposal of

some charitable institution.

7. Section 6 of this Ordinance introduces a section

unanimously recommended by the recent Stamp Duties

Committee. It is intended to prevent the passing on

of dividends to unregistered shareholders.

8.

The effect of section 7 of this Ordinance will

be that the stamp duty on an instrument of

apprenticeship will in future be $1 instead of $20.

The duty in England is 2s. 6d.

9.

Section 8 of this Ordinance expands Heading

No. 16 in the Schedule to the principal Ordinance so

as to make it clearly apply to certain declarations of

trust about which there might otherwise be some

question.