STAMP.
No. 8 of 1921.
2597
(2) Where such total amount is unlimited, the security is to be available for such an amount only as the ad valorem duty impressed thereon extends to cover, but where any advance or loan is made in excess of the amount covered by that duty the security shall for the purpose of stamp duty be deemed to be a new and separate instrument, and as executed by all the parties and as bearing date on the day on which the advance or loan is made.
(3) Provided that no money to be advanced for the insurance of any property comprised in the security against damage by fire, or for keeping up any policy of life insurance comprised in the security, or for effecting in lieu thereof any new policy, or for the renewal of any grant or lease of any property comprised in the security upon the dropping of any life whereon the property is held, shall be reckoned as forming part of the amount in respect whereof the security is chargeable with ad valorem duty.
33. The duty on tontine mortgages shall be calculated on the principal sum advanced and not on the total amount of the payments secured.
34. The following instruments shall be exempt from stamp duty under this Ordinance to the extent hereinafter stated :-
(1) All instruments executed by or on behalf of His Majesty, or by or on behalf of any officer of His Majesty's service in his official capacity, shall be wholly exempt from duty: Provided that this exemption shall not extend to any document executed by any such officer as Official Administrator, or as Official Receiver, or as Official Receiver of companies, or as a liquidator, or as Official Trustee, or in pursuance of any order or writ of any court.
(2) All instruments for the sale, transfer, or other disposition, either absolutely or by way of mortgage or otherwise, of any vessel, or of any part, interest, share, or property, of or in any vessel, shall be wholly exempt from duty.
(3) All instruments which relate to property situate out of the Colony, other than shares and marketable securities, shall be exempt from duty in respect of such property.
35. Whenever the Land Officer shall certify that a re-assignment has been made for the sole purpose of enabling the mortgagor as the owner of any property held from the Crown to obtain a Crown lease thereof, and that a new mortgage of the same property similar in all respects to the
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Page 26
STAMP.
No. 8 of 1921.
2597
(2) Where such total amount is unlimited, the security is to be available for such an amount only as the ad valorem duty impressed thereon extends to cover, but where any advance or loan is made in excess of the amount covered by that duty the security shall for the purpose of stamp duty be deemed to be a new and separate instrument, and as executed by all the parties and as bearing date on the day on which the advance or loan is made.
(3) Provided that no money to be advanced for the insur- ance of any property comprised in the security against damage by fire, or for keeping up any policy of life insurance comprised in the security, or for effecting in lieu thereof any new policy, or for the renewal of any grant or lease of any property comprised in the security upon the dropping of any life whereon the property is held, shall be reckoned as forming part of the amount in respect whereof the security is chargeable with ad valorem duty.
33. The duty on tontine mortgages shall be calculated on Tontine the principal sum advanced and not on the total amount of mortgages. the payments secured.
34. The following instruments shall be exempt from stamp General duty under this Ordinance to the extent hereinafter stated :-
(1) All instruments executed by or on behalf of His Majesty, or by or on behalf of any officer of His Majesty's service in his official capacity, shall be wholly exempt from duty: Provided that this exemption shall not extend to any document executed by any such officer as Official Administra- tor, or as Official Receiver, or as Official Receiver of com- panies, or as a liquidator, or as Official Trustee, or in pursuance of any order or writ of any court.
(2) All instruments for the sale, transfer, or other disposi- tion, either absolutely or by way of mortgage or otherwise, of any vessel, or of any part, interest, share, or property, of or in any vessel, shall be wholly exempt from duty.
(3) All instruments which relate to property situate out of the Colony, other than shares and marketable securities, shall be exempt from duty in respect of such property.
exemptions.
mortgages
35. Whenever the Land Officer shall certify that a re- Re-assign- assignment has been made for the sole purpose of enabling ments and the mortgagor as the owner of any property held from the made for the Crown to obtain a Crown lease thereof, and that a new sole purpose mortgage of the same property similar in all respects to the Crown lease,
of a new
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