TNAG-1209-FCO40-1512-Administration-of-justice-in-Hong-Kong-1982 — Page 12

PRINTED AND PUBLISHED BY D. R. RICK, GOVERNMENT PRINTER AT THE GOVERNMENT PRESS, JAVA ROAD, HONG KONG

STAMP DUTY (AMENDMENT)

Ord. No. 77/81

A467

HONG KONG

No. 77 OF 1981

I assent.

L.S.

Murray MacLEHOSE, Governor.

23 December 1981

An Ordinance to amend the Stamp Duty Ordinance 1981.

[

1

Enacted by the Governor of Hong Kong, with the advice and consent

of the Legislative Council thereof.

1. This Ordinance may be cited as the Stamp Duty (Amendment) Short title and Ordinance 1981 and shall come into operation on the commencement of commencement. Part IV of the principal Ordinance.

2.

Section 2(1) of the principal Ordinance is amended-

Amendment of section 2.

(a) in the definition of "bearer instrument" by inserting after "trans- (31 of 1981.)

ferred" the following-

", but does not include an instrument relating to stock which consists of a loan expressed in terms other than in the currency of Hong Kong except to the extent that the loan is repayable, or may at the option of any person be repaid, in the currency of Hong Kong";

(b) in the definition of "loan capital" by deleting "but does not include any such investment which carries a right of conversion into stock or to the acquisition of any stock or to interest other than fixed interest;" and substituting the following-

"but does not include any such investment which-

(a) carries a right of conversion into stock or to the

acquisition of any stock; or

(b) carries or has carried a right to interest the amount

of which-

(i) exceeds a reasonable commercial return on the nominal amount of the capital; or

(ii) falls or has fallen to be determined to any extent by reference to the results of, or of any part of, a business or to the value of any property; or (c) carries a right on repayment to an amount which exceeds the nominal amount of the capital and is not reasonably comparable with what is generally repayable in respect of a similar nominal amount of capital under the terms of issue of loan capital listed on a recognized stock exchange;"; and

(c) in the definition of "stock" by inserting after "exchange" the

following-

or any bill of exchange or promissory note,”.