22744-1911-Supplementary-Bills-read-a-first-time--Probates-Amendment — Page 4

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14. Section 51 of the Companies Ordinance, 1865, is Repeals repealed.

Objects and Reasons,

The proviso to section 8 (2) of the Principal Ordinance (Ordinance No. 16 of 1901) is introduced to enable traus- fers of shares, bills of oxchange and promissory notes to be stumped after execution in cases of sudden departure from the Colony or other like cases. The words de'eted by section 3 relate to a duty which has been obsolete sine. Ordinance No, 38 of 1902 was passed. Sections 4, 5, 6, 7, 9 and 10 are based on the Imperial Stamp Act 1801 to the corresponding sections of which reference is made an the marginal notes. Section 11 brings the local practice into line with the practice i troduced into England by the Finance Act 1894 which makes the duty payable on the value at the date of death and not ou the value at the time of the grant of probate. The words "passing on death are also introduced to prevent doubts arising with regard to the Chinese law of inheritance, as it has been suge gested, though not proved, in a recent case (Li Chok Hung e. Li Pai Choi) that the French principle of “ le mort saisit le rif" is recognised as a portion of the law of China, and that consequently unless pe bate duty is collected on the property passing on death it exist be collected at all, because it is contended. the drvensød leaves ne estale. The amendment affected by section 2! is intended to make the rates of interest uniform thronghour the Colony. Sub-sections (1) and (3) of section 13 are in- troduced to remove doubts and sub-section (3) is already law by virtue of section 51 of Ordinance No. A of 18th but it has been found convement to introduce it into the Stamp Ordinance,

section 51 of Ordinance No. 1 of 1865.

A BILL

ENTITLED

C, G, ALABASTER. Attorney General,

An Ordinance to consolidate and amend the Law

relating to the Management of Stamp Duties.

WHEREAS it is expedient to consolidate and amend the Law relating to the Management of Stamp Duties of what-

ever nature :

Bait enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-

1. This Ordinance may be eitel as the Stamp Duties Short title. Management Ordinance, 1911.

2. All duties for the time being chargeable by law as Ordinance stamp duties shall be under the care and management of to apply the Collector, and this Ordinance shall apply to all such to all stamp duties and to all fees which are for the time being directed duties. to be collected or received by means of stamps.

54 & 55 Tiet. c. 38 s. 1.

3.-(1.) The Collector may, with the approval of the Power to Governor-in-Council, grant a licence to any person to deal grant licen- in unused stamps at any place to be named in the licence. ces to deal in

(2.) The licence shall specify the full name and place . s. 3. of abode of the person to whom the same is granted, and a description of every house, shop, or place, in or at which

he is authorised to deal in unused stamps.

(3.) Every person to whom a licence is granted shall give security in the sum of one thousand dollars in such manner and form as the Collector shall prescribe, and, if by bond, the bond shall be exempt from Stamp duty.

(4.) One licence and one bond only shall be required for any number of persons in partnership, and the licence may at any time be revoked by the Collector.

stamps.