750
Colony, from 10 cents for every $500 or part thereof to 10 cents for the first $100 or part thereof and 5 cents for every subsequent $100 or part thereof, in order to secure additional revenue estimated at about $20,000 per annum.
an
9. The object of clause 6 of this Bill is to add a new sub-heading (6A) to Heading No. 29, dealing with mortgages, in the Schedule to the principal Ordinance.
10. When, by section 12 of Ordinance No. 26 of 1929, as amended by section 4 (4) of Ordinance No. 25 of 1930, Heading No. 29 (2) was amended and the basis for determin- ing the duty on a collateral or auxiliary or additional or substituted security (other than a mortgage executed in pursuance of a duly stamped agreement for a mortgage), or being a mortgage executed by way of further assurance, was altered, no provision was made altering the basis in respect of an agreement for such security or mortgage.
11. The duty on such an agreement therefore fell to be determined by reference to Heading No. 29 (6) (Agreement for a mortgage) so that instead of being 10 cents per $100 on the value of the additional security it was 20 cents per $100 on the whole principal sum secured by the original mortgage.
12. The new sub-heading 29 (6A) corrects this anomaly.
July, 1936.
C. G. ALABASTER,
Attorney General.
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