A STAMP DUTY CASE.
(Per Press Association).
WELLINGTON, Nov; 24
In the Supreme Court an originating summons to determine the construction of Section 77 of the Finance Act of 1915 ,was argued before Mr Justice Chapman. Tho parties'in the case were the Bank of New Zealand (plaintiff) and the Commissioner of Stamps (defondant). Sir John Findlay,-for plaintiff, stated that the questions involved were of considerable importance .to banks and other financial institutions. The first question was whether a mortgage of land (providing for present and future advances) executed prior to November 1, 1915, is chargeable with duty in respect of advances made under tho security of such mortgage on or after November 1, 1915. The second question was whether debentures creating a flotation charge upon the assets of a company are chargeable with duty as a mortgage of land ,(a) where the" company at 'the time of issue of the debentures is the owner of the land, (b) where the company is -not at the* time- of issue of the .... debentures owner of tho land, but subsequently to such issue becomes owner of the lnnd, and, if so, when ami how is this duty to be .assessed. ....'.' (
Decision was reserved
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/AG19151125.2.11
Bibliographic details
Ashburton Guardian, Volume XXXV, Issue 8305, 25 November 1915, Page 3
Word Count
200A STAMP DUTY CASE. Ashburton Guardian, Volume XXXV, Issue 8305, 25 November 1915, Page 3
Using This Item
Ashburton Guardian Ltd is the copyright owner for the Ashburton Guardian. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Ashburton Guardian Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in