THE FINANCE ACT.
SUPREME COURT FINDING. Press Association. WELLINGTON, November 25. An interpretation of section 77 of the Finance Act, 1915, was given by Mr Justice Chapman at the Supreme Court this afternoon, when he delivered judgment in an originating summons brought by the Bank of New Zealand (plaintiff) against the Commissioner of Stamps (defendant) to determine the point. To the first of the two questions on which light was sought, his Honour replied in the negative. Further advances made under existing mortgages did not, he held, render such mortgages liable to duty, and they remained exempt from duty. To the second question, as a whole, his Honour replied in the affirmative. The effect of his decision is that holders of debentures are liable to duty, but no time is specified for collection of such duty.
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https://paperspast.natlib.govt.nz/newspapers/SUNCH19151126.2.67
Bibliographic details
Sun (Christchurch), Volume II, Issue 561, 26 November 1915, Page 9
Word Count
136THE FINANCE ACT. Sun (Christchurch), Volume II, Issue 561, 26 November 1915, Page 9
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