231474-1936-Supplementary-Draft-Bill--Stamp-Amendment — Page 1

746

LEGISLATIVE COUNCIL.

Draft Bill.

No. S. 216.-The following Bill is published for general information:-

Short title.

Insertion

of new

s. 31A in Ordinance No. 8 of 1921.

Certain

contracts to be chargeable with con- veyance

duty. 54 & 55

Vict. c. 39, $. 59,

A BILL

[No. 19:-15.7.36.-3.]

INTITULED

An Ordinance to amend the law relating to stamp duty.

BE it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows:

1. This Ordinance may be cited as the Stamp Amend- ment Ordinance, 1936.

2. The following section is inserted in the Stamp Ordin- ance, 1921, immediately after section 31 thereof :-

31A. (1) Any contract or agreement for the sale of any equitable estate or interest in any property whatsoever, or for the sale of any estate or interest in any property except lands, tenements, or hereditaments, or property locally situate out of the Colony, or goods, wares or merchandise, or stocks, or marketable securities, or United Kingdom patents, or trade marks and the proportion of goodwill created thereby, or any ship or vessel, or part interest, share, or property of or in any ship or vessel, shall be charged with the same ad valorem duty, to be paid by the purchaser, as if it were an actual conveyance on sale of the estate, interest, or property contracted or agreed to be sold.

(2) Where the purchaser has paid the said ad valorem duty and before having obtained a conveyance or transfer of the property, enters into a contract or agreement for the sale of the same, the contract or agreement shall be charged, if the consideration for that sale is in excess of the considera- tion for the original sale, with the ad valorem duty payable in respect of such excess consideration, and in

any other case with the fixed duty of twenty dollars or one dollar, as the case may require.

(3) Where duty has been duly paid in conformity with the foregoing provisions, the conveyance or transfer made to the purchaser or sub-purchaser, or any other person on his behalf or by his direction, shall not be chargeable with any duty, and the Collector, upon application, either shall denote the payment of the ad valorem duty upon the conveyance or transfer, or shall transfer the ad valorem duty thereto upon production of the contract or agreement, or contracts or agreements, duly stamped.

(4) Provided that where any such contract or agreement is stamped with the fixed duty of twenty dollars or one dollar,