Sessional_Paper_1929 — Page 200

192

Annexe D.

The Secretary, Stamp Committee:-

1. I enclose suggested drafts (1) and (2).

2. The figures respecting rates or periods of time are in no sense final. They

are merely inserted as tentative personal suggestions.

3. For instance to meet the objection that the system might lead to a pre- mium or discount on share values, the period might be cut down to 3 months or instead of reckoning from the date of stamping, the 1st July or the 1st January following might be substituted. Then all shares would be on the same time basis.

4. The suggestions are not exclusive of any suggested proposals regarding

collection of dividends.

(1)

The stamps on a blank transfer, not the document itself, will be deemed as against the transferee never to have been stamped on the expiration of 6 or 12 months from the date appearing on the stamps, provided that it may be re-stamped within the first and each subsequent period of six months, and provided that a blank transfer deposited by the legal proprietor with a financial institution or agency (approved by the Colonial Trea- surer) may be stamped at a fixed sum of $2, such stamp to be provisional and to be fol- lowed by full transfer duty in the event of a sale or other operation bringing the transfer into full effect, such concession to be limited to transfers made solely for the purpose of hypothecation. The transfer itself to bear at time of stamping words "for hypotheca- tion only" and also the name of the bank with which hypothecation is to be made.

(2)

The stamps on a transfer executed in blank, not the document itself, will be deemed as against the transferee never to have been stamped on the expiration of 12 months from the date appearing on the stamps, and registration cannot be effected unless penal duties on the following scale be paid:-

over 1 year and under 2 years

2 years,

3

>>

P

3

1% ad valorem

3%

22

5%

""

Provided that the stamps on such documents may be renewed on the termination of each period of six months as from original date of stamping at current ad valorem rates. Provided that a blank transfer deposited by the legal proprietor with a financial institution or agency (approved by the Colonial Treasurer) may be stamped at a fixed sum of $2, such stamp to be provisional and to be followed by full transfer duty in the event of a sale or other operation bringing the transfer into full effect, such concession to be limited to transfers made solely for the purpose of hypothecation. The transfer itself to bear at time of stamping words "for hypothecation only" and also the name of the bank with which hypothecation is to be made.