12738-1909-Bills-read-a-first-time--Stamp-Further-Amendment — Page 2

996 THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 3, 1909.

Duty pay- able on undisclosed property.

Amendment

of section 22

of the Principal Ordinance.

How ad salo-

rem duty to

be calculated in respect of stock and securities.

Commence- ment of Or- dinance.

206.-(1.) If at any time it is discovered that any de-

ceased person's personal estate and effects in the Colony were, at the time of the grant of probate or letters of administration or of exemplification or of the sealing of any probate or letters of ad- ministration aforesaid, of greater value than the value mentioned in the sworn petition or that any deduction for debts was made erroneously, the person acting in the administration of such estate and effects shall, within six months after the discovery, deliver an affidavit with an account to the Collector and shall pay to the Collector the amount of duty which, with the duty, if any, previously paid, shall be sufficient to cover the duty chargeable according to the true value thereof, and shall at the same time pay to the Collector interest upon such amount at the rate of seven per ccutum per annum from the date of the grant, or sealing, or from such subsequent date as the Collector may in the circumstances think proper.

Provided always that if the said affidavit and account are not delivered to the Collector within the said period of six months then any duty remaining unpaid at the expiry of the said period shall be charged at three times the customary rate, unless the person "liable. to render such affidavit and account can prove to the satisfaction of a Judge of the Supreme Court that his omission to do so was not due to any negligence or default on his part: Pro- vided farther that every person who neglects or omits within the said period of six months to render such account shall, on summary con- viction before a Magistrate, be personally liable to a penalty not exceeding five hundred dollars unless he can prove to the satisfaction of the Magistrate that his omission to do so was not due to any wilful neglect or default on his part. (2.) Notwithstanding such neglect or omission and notwithstanding any such conviction, such duty (whatever the amount there may be re- covered at the suit of the Colonial Treasurer in the Supreme Court in its Summary Jurisdic- tion, wil ut prejudice to any other remedy."

3. Section 22 of the Principal Ordinance is hereby amended by the substitution of the words "three times " for the word "double" in the ninth line thereof.

4. Article 21 in the First Schedule to the Principal Ordinance is hereby amended by the addition at the end thereof of the following

(1) Where the consideration, or any part of the consideration, for a conveyance on sale consists of any stock or marketable security, the con- veyance is to be charged with ad valorem duty in respect of the value of the stock or security. (2.) Where the consideration, or any part of the consideration, for a conveyance on sale consists of any security not being a markeráble security, the conveyance is to be charged with ad valorem duty in respect of the amount due on the day of the date thereof for principal and interest upon the security.

5. This Ordinance shall come into operation on the 1st day of January, 1910.

Memorandum.

This Bill proposes to further ameud the Stamp Or-

dinance.

Clauses 1 to 3 are designed, by the imposition of penalties in respect of delayed applications, to induce interested parties to make early application for the grant of probate of the estate of deceased persons and to prevent evasion of duties.

Clause 4 relates to the stamping on a conveyance or assignment on sale and incorporates Section 55 of the Imperial Act 1891.

F. A. HAZELAND, Attorney General.

f