STAMP.
No. 8 of 1921.
1517
contracts to be
with con-veyance
duty.
54 & 55 Vict. c. 39, s. 59.
31A.-(1) Any contract or agreement for the sale of any Certain equitable estate or interest in any property whatsoever, or for the sale of any estate or interest in any property except lands, chargeable tenements or hereditaments, or property locally situate out of the Colony, or goods, wares or merchandise, or shares, 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 consideration 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, as the case may require, the contract or agreement shall be regarded as duly stamped for the mere purpose of proceedings to enforce specific performance or recover damages for the breach thereof:
(5) Provided also that where any such contract or agreement is stamped with the said fixed duty, and a conveyance or transfer made in conformity with the contract or agreement is presented to the Collector for stamping with the ad valorem duty chargeable thereon within the period of six months after the first execution of the contract or agreement or within such longer period as the Collector may think reasonable in the circum-
* As amended by No. 36 of 1936 [11.9.36] and Law Rev. Ord., 1939, Supp. Sched.
STAMP.
No. 8 of 1921.
1517
contracts to be
with con- veyance
duty.
54 & 55 Vict. c. 39, s. 59.
31A.-(1) Any contract or agreement for the sale of any Certain equitable estate or interest in any property whatsoever, or for the sale of any estate or interest in any property except lands, chargeable tenements or hereditaments, or property locally situate out of the Colony, or goods, wares or merchandise, or shares, or market- able 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 consideration 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, as the case may require, the contract or agreement shall be regarded as duly stamped for the mere purpose of proceedings to enforce specific performance or recover damages for the breach thereof:
(5) Provided also that where any such contract or agree- ment is stamped with the said fixed duty, and a conveyance or transfer made in conformity with the contract or agreement is presented to the Collector for stamping with the ad valorem duty chargeable thereon within the period of six months after the first execution of the contract or agreement or within such longer period as the Collector may think reasonable in the circum-
* As amended by No. 36 of 1936 [11.9.36] and Law Rev. Ord., 1939,
Supp. Sched.
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