1950_STAMP_ORDINANCE — Page 22

Stamp.

(a) he was in possession of a valid certificate to practise

at the time when the cause of action arose, or (b) he is at the time of judgment in possession of a duly stamped certificate to practise covering the time when the cause of action arose.

(3) A person who is required under the provisions of this section to take out a certificate and who fails to take out the same shall be liable civilly to the Collector for the payment of the duty which but for such failure would have been payable.

(4) This section shall not apply to the following-- (a) any person the whole of whose time is at the

disposal of the Crown;

[CAP. 117

Schedule.

(b) any person appointed by the University of Hong 37 of 1950,

Kong for the purpose of teaching in the pathologi- cal department of the faculty of medicine, or in the clinical units of medicine or of surgery or of obstetrics and gynaecology in such faculty, and whose whole time is at the disposal of such University;

(c) any person who may for the time being be exempted by the Governor in Council on the ground that the whole of the time of such person is at the disposal of some charitable institution.

[21]

contracts.

26. (1) When any exchange contract is, either wholly Exchange or in part, cancelled, or set off, or otherwise terminated, or carried out, by some transaction upon which neither bill of exchange nor telegraphic transfer duty is paid, the person specified in head 29 in the Schedule as the person liable for stamping shall forthwith execute a cancellation note, which shall set forth the amount of currency so cancelled or set off or otherwise released, and such cancellation note shall be stamped with the duty specified in the Schedule.

(2) The duty shall be calculated on the equivalent of the sum of foreign currency in the currency of the Colony at the rate of exchange which under the contract would be the rate of exchange for delivery on the date on which the contract is, wholly or in part, cancelled, or set off, or otherwise terminated, or carried out, by the transaction on which neither bill of exchange nor telegraphic transfer duty is paid.

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