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Amendment
of Heading 40 of the Schedule
to Ordinance
No. 8 of
Definition of authorised
banker.
Transfers to authorised
dealers,
Shares pledged by authorised dealers.
Definition of authorised dealer.
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"Authorised banker" in sub-section (1) of this section means & banker who is authorised by the Governor in Council for the purpose of this section, and whose name has been published in the Gazette as having been so authorised.
27D.- (1) In the case of shares transferred on sale to an authorised dealer the only duty payable shall be the duty specified under head- ing 40 (7) in the Schedule.
(2) In the case of shares pledged as security for a loan by an authorised dealer to an autho- rised banker (provided that the name of such authorised banker, or his nominee, be at such time inserted in the instrument of transfer as transferee) the only duty payable shall be the duty specified under heading 40 (6) in the Schedule on transfer to the banker or nominee or re-transfer to the dealer.
(3)Authorised dealer" in this section means a dealer who is authorised by the Governor in Council for the purpose of this section, and whose name has been published in the Gazette as having been so authorised.
Revocation of 27E. It shall be lawful for the Governor in authorization Council to withdraw at any time his authority of bankers and dealers. from any banker or lealer previously autho-
rised.
3. Heading 40 in the Schedule to the Stamp Ordinance 1921, is hereby amended as follows by the addition after sub-paragraph (4) thereof of the following new sub-para- graph.
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Objects and Reasons.
The object of this Bill is to prevent the evasion of Estate and Stamp Duties by providing that transfers of sbares shall contain the true late of execution by the transferor, and that registration of transfers shall be eflected promptly.
Provision is made for the payment of late registration duty.
Provision is also made for the payment of a nominal duty of two dollars only in the case of transfers to or by authorised bankers, where the transfer is executed by way of security for a loan, and in the case of transfers to authorised dealers.
October, 1928
C. G. ALABASTER,
Annexe F.
Attorney General.
Proposed revision of Stamp Duty on Contracts.
1921.
No. of Heading.
Instrument.
SCHEDULE.
Duty,
Nature of Stamp.
40.
(5) Late Registration Duty.
See section 27B.
If registered after one month Overembossed.
after execution by the trans-
feror at the rate of fifty cents
for every hundred dollars or
part thereof of the market
value on the date of stamping of the transfer instrument. If registered after three months at the rate of $1. If regis tered after six months at the rate of $2.50, If registered after one year at the rate of $5.
Provided that, in the case of a transfer executed by either party out of the Colony, the date of receipt of such executed transfer within the Colony shall be substituted for the date of execution by the transferor.
(6) Transfer to an authorised $2.
banker (see sections 27C and 27D) by way of security for a loan; or a re-transfer by an
authorised banker on repay- ment of a loan.
(7) Transfer to an authorised $2,
dealer (see section 27D,)
Point of time before which, or period within which, the instrument must
be stamped,
Person liable for
stamping, where stamping is compulsory.
Up to $1,000
$ 1 Stamp.
2,500
3
5,000
4
7,500
5
11
10,000
&
12,500
7 **
15,000
8 11
17,500
9
20,000
10
Before Registration. The transferor and
the transferee.
For every additional $5,000 or part thereof, $2.
Overembossed.
Before execution.
The transferor and
tho transferee.
Overembossed.
Before execution,
The transferor and
the dealer.
Present Stamp Duty on Contracts.
Up to $1,000.
10,000
20,000
50,000
above 50,000
$1 Stamp.
3
**
5
}}
7.50 10
**
Share dealings through brokers or direct between clients must be subject to these duties.
Provide penalties for evasion, particularly in transactions direct between principals.
No stamps on transfer deeds, and legislate for non-paying of dividends as already proposed.
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