1512
No. 8 of 1921.
STAMP.
Share contract notes. 10 Edw. 7: c. 8, s. 78 (1).
10 Edw. 7, c. 8, s. 78 (3).
10 Edw. 7, c. 8, s. 78 (5).
10 Edw. 7, c. 8, s. 77 (2).
10 Edw. 7, c. 8, s. 77 (4).
10 Edw. 7, c. 8, s. 79 (1).
a duly stamped transfer, intended as a security, of any registered share or marketable security shall be deemed to be an agreement and shall be charged with duty accordingly.
(3) A release or discharge of any such instrument shall not be chargeable with any ad valorem duty.
26.—(1) Every person who effects any sale or purchase of any shares or marketable securities as a broker or agent, and every person who by way of business deals or holds himself out as dealing as a principal in any shares or marketable securities, shall forthwith make and execute a contract note and transmit the note to his principal or to the vendor or purchaser of the shares or marketable securities, as the case may be.
(2) No broker, agent or other person shall have any legal claim to any charge for brokerage, commission or agency with reference to the sale or purchase of any shares or marketable securities if he fails to comply with the provisions of this section.
(3) Any stamp duty on a contract note may be added to the charge for brokerage or agency and shall be recoverable as part of such charge.
(4) Where a contract note is a continuation or carrying over note made for the purpose of continuing or carrying over any transaction for the sale or purchase of shares or marketable securities, the contract note, although it is made in respect of both a sale and purchase, shall be charged with duty under this section as if it related to one of those transactions only, and if different rates of duty are chargeable in respect of those transactions, to that one of those transactions which would render the contract note chargeable at the highest rate.
(5) Where a contract note advises the sale or purchase of more than one description of share or marketable security, the note shall be deemed to be as many contract notes as there are descriptions of shares or securities sold or purchased.
(6) The provisions of this Ordinance as to contract notes shall apply to any contract under which an option is given or taken to purchase or sell any shares or marketable securities at a future time at a certain price, as it applies to the sale or purchase of any shares or marketable securities, but the stamp
1512
No. 8 of 1921.
STAMP.
Share con- tract notes. 10 Edw. 7: c. 8, 8. 78 (1).
10 Edw. 7, c. 8, s. 78 (3).
10 Edw. 7, c. 8, s. 78 (5).
10 Edw. 7, c. 8,
8.
77 (2).
10 Edw. 7, c. 8, s. 77 (4).
10 Edw. 7, c. 8, s. 79 (1).
a duly stamped transfer, intended as a security, of any registered share or marketable security shall be deemed to be an agreement and shall be charged with duty accordingly.
(3) A release or discharge of any such instrument shall not be chargeable with any ad valorem duty.
26.—(1) Every person who effects any sale or purchase of any shares or marketable securities as a broker or agent, and every person who by way of business deals or holds himself out as dealing as a principal in any shares or marketable securities, shall forthwith make and execute a contract note and transmit the note to his principal or to the vendor or purchaser of the shares or marketable securities, as the case may be.
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(2) No broker, agent or other person shall have any legal claim to any charge for brokerage, commission or agency with reference to the sale or purchase of any shares or marketable securities if he fails to comply with the provisions of this. section.
(3) Any stamp duty on a contract note may be added to the charge for brokerage or agency and shall be recoverable as part of such charge.
(4) Where a contract note is a continuation or carrying over note made for the purpose of continuing or carrying over any transaction for the sale or purchase of shares or marketable securities, the contract note, although it is made in respect of both a sale and purchase, shall be charged with duty under this section as if it related to one of those transactions only, and if different rates of duty are chargeable in respect of those trans- actions, to that one of those transactions which would render the contract note chargeable at the highest rate.
(5) Where a contract note advises the sale or purchase of more than one description of share or marketable security, the note shall be deemed to be as many contract notes as there are descriptions of shares or securities sold or purchased.
(6) The provisions of this Ordinance as to contract notes. shall apply to any contract under which an option is given or taken to purchase or sell any shares or marketable securities at a future time at a certain price, as it applies to the sale or purchase of any shares or marketable securities, but the stamp
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