2592
No. 8 of 1921.
STAMP.
Gifts inter vivos.
1 Geo. 5, c. 8, s. 74.
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23. (1) Any conveyance or transfer operating as a voluntary disposition inter vivos shall be chargeable with the like stamp duty as if it were a conveyance or transfer on sale, with the substitution in each case of the value of the property conveyed or transferred for the amount or value of the consideration for the sale.
Proxies. 54 & 55 Vict. c. 39, s. 80.
(2) Where any instrument is chargeable with duty both as a conveyance or transfer under this section and as a settlement, the instrument shall be charged with duty as a conveyance or transfer under this section, but not as a settlement.
(3) Any conveyance or transfer (not being a disposition made in favour of a purchaser or incumbrancer or other person in good faith and for valuable consideration) shall, for the purposes of this section, be deemed to be a conveyance or transfer operating as a voluntary disposition inter vivos, and (except where a marriage is the consideration) the consideration for any conveyance or transfer shall not for this purpose be deemed to be valuable consideration where the Collector is of opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances the conveyance or transfer confers a substantial benefit on the person to whom the property is conveyed or transferred.
(4) A conveyance or transfer made for nominal consideration for the purpose of securing the repayment of an advance or loan or made for effectuating the appointment of a new trustee or the retirement of a trustee, whether the trust is expressed or implied, or under which no beneficial interest passes in the property conveyed or transferred, or made to a beneficiary by a trustee or other person in a fiduciary capacity under any trust, whether expressed or implied, shall not be charged with duty under this section, and this sub-section shall have effect notwithstanding that the circumstances exempting the conveyance or transfer from charge under this section are not set forth in the conveyance or transfer.
24 (1) Every letter or power of attorney for the sole purpose of appointing a proxy to vote at a single meeting shall specify the day upon which the meeting at which it is intended to be used is to be held, and shall be available only at the meeting so specified and any adjournment thereof.
(2) Every person who votes or attempts to vote under or by means of any letter or power of attorney which is not duly stamped, and every person who accepts any such vote, shall be deemed to commit an offence against this Ordinance.
Page 20
Page 21
2592
No. 8 of 1921.
STAMP.
Gifts inter
vivos.
1 Geo. 5, c. 8, s. 74.
-
23. (1) Any conveyance or transfer operating as a volun- 10 Edw. 7 & tary disposition inter vivos shall be chargeable with the like stamp duty as if it were a conveyance or transfer on sale, with the substitution in each case of the value of the property conveyed or transferred for the amount or value of the consideration for the sale.
Proxies. 54 & 55 Vict. c. 39, s. 80.
(2) Where any instrument is chargeable with duty both as a conveyance or transfer under this section and as a settlement, the instrument shall be charged with duty as a conveyance or transfer under this section, but not as a settlement.
(3) Any conveyance or transfer (not being a disposition made in favour of a purchaser or incumbrancer or other person in good faith and for valuable consideration) shall, for the purposes of this section, be deemed to be a conveyance or transfer operating as a voluntary disposition inter vivos, and (except where a marriage is the consideration) the consideration for any conveyance or transfer shall not for this purpose be deemed to be valuable consideration where the Collector is of opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances the conveyance or transfer confers a substantial benefit on the person to whom the property is conveyed or transferred.
(4) A conveyance or transfer made for nominal considera- tion for the purpose of securing the repayment of an advance or loan or made for effectuating the appointment of a new trustee or the retirement of a trustee, whether the trust is expressed or implied, or under which no beneficial interest passes in the property conveyed or transferred, or made to a beneficiary by a trustee or other person in a fiduciary capacity under any trust, whether expressed or implied, shall not be charged with duty under this section, and this sub-section shall have effect notwithstanding that the circumstances exempting the conveyance or transfer from charge under this section are not set forth in the conveyance or transfer.
24 (1) Every letter or power of attorney for the sole purpose of appointing a proxy to vote at a single meeting shall specify the day upon which the meeting at which it is intended to be used is to be held, and shall be available only at the meeting so specified and any adjournment thereof.
(2) Every person who votes or attempts to vote under or by means of any letter or power of attorney which is not duly stamped, and every person who accepts any such vote, shall be deemed to commit an offence against this Ordinance.
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