221540-1935-Supplementary-Draft-Bills--Stamp-Amendment-Buildings — Page 2

963

―

(2) Every instrument under hand only (not being a promissory note or bill of exchange) making redeemable or qualifying a duly stamped transfer, intended as a security, of any registered share or marketable security shall be deemed to be an agreement, and shall be charged with duty according- ly.

(3) A release or discharge of any such instrument shall not be chargeable with any ad valorem duty.

6. The Schedule to the Stamp Ordinance, 1921, is New amended by the insertion of the following heading immediately heading after heading No. 14A:-

for Ordin- ance No. 8 of 1921, Schedule.

14B.

cents.

Cashier Order, 10 Adhesive. Before

if passed

The

lodgment.

person

through a bank

lodging.

other than the

bank of issue.

No. 8 of

7. Heading No. 15 in the Schedule to the Stamp Ordin- Amendment ance, 1921, is amended in the Second column by the substitu- of Ordinance tion of "Debenture: See Shares and see Mortgage" for 1921, "Debenture: See Marketable security”.

Schedule, Heading No. 15.

No. 8 of

8. Heading No. 29 (4) in the Schedule to the Stamp Amendment Ordinance, 1921, is amended in the second column by the of Ordinance substitution of ", (except a share as defined in paragraph (28) 1921, of section 3, or other marketable security)" for "(except a marketable security)".

9. Heading No. 33 (2) in the Schedule to the Stamp Ordinance, 1921, is amended in the third column by the substitution of "10 cents." for "5 cents.".

Schedule, Heading No. 29 (4).

Amendment of Ordinance

No. 8 of 1921, Schedule, Heading No. 33 (2).

Objects and Reasons.

1. Section 2 of this Ordinance amends paragraph (28) of section 3 of the principal Ordinance by the insertion of certain words to make it clear that debentures of the marketable security class are included in the expression "share" when used in the Ordinance.

2. Section 3 of this Ordinance inserts a new section 16A in the principal Ordinance. The object of this amendment is to incorporate in the Colony the amendment made by section 42 of the Finance Act, 1933 (23 & 24 Geo. 5, c. 19) in the English law, on which the local provisions relating to bills of exchange are based. The effect of the amendment is that a bill presented for acceptance, or accepted, or payable outside the Colony is not invalid by reason only that it does not comply with the stamp laws if unstamped, or not properly stamped, it may be received in evidence on payment of the proper duties and penalty under sections 6 and 16 of the principal Ordinance.