STAMP DUTIES AMENDMENT ACT.

West Coast Times, Issue 907, 19 August 1868, Page 4

STAMP DUTIES AMENDMENT ACT.

Tho following is an abstract of the provisions of this Act, which came into force on Nov. 1:—1 :— 1. Short litle of this Ael shall bo Stamp Duties Amendment Act, 1867. 2. Enacts that this Act shall come into operation, Ist November, 1867. 3. Provides that additional nnd altered duties as set forth in the schedule are to bo levied. 4. Stamp duties now payable on the instruments mentioned in the first schedule whereon other duties are charged by this Act, are repealed. 5. Provisions of former Act apply to this. 6. The duties on foreign promissory notes to be denoted by adhesive stamps. 7. Commissioners mny vise old dies to denote new duties. 8. Prommissory notes aie clofined as notes promising tlie payment of any stun of money out of any particular fund, or upon any condition made payable to bearer or order, and not amounting in the whole to L2O. 9. Tho stump on an agreement must bo cancelled by two of the parties executing such agreement, by their writing their initials or names, and the date of the day and year of writing the snme. 10. Bills of lading and charter parties are not to be stamped after they are signed, under a penalty of fifty pounds. Except they are brought to tlie Commissioners within fourteen days after they arc signed, when they nv.iy be stamped. If brought before them alter lourtcen days and within one month, they may si ill be stamped, but arc liable to a LlO penalty. 11. If any person shall become an assurer upon any insurance on which any duty is made payable, or shall subscribe or underwrite, or make or enter into any contract or ugi cement or memorandum of any such insurance, or shall receive or contract for any premium or consideration for any such insurance, or shall knowingly take upon himself any risk or render himself liable to pay any sum of ' money upon any loss or contingency relative to such insurance, unless such ins'n-anfe shall be engrossed, written, or printed upon vellum, parchment, or paper — duly stamped — or shall be guilty of entleavoriug to evade the duties chargeable on such policies of insurance, he shall be liable to LIOO penalty. The agent of the assuror or the person receiving any letter or memorandum requesting insurance to pay the duty. 12. Interest or principal on bonds, debentures, or other securities not to be paid without, tho instruments being duly stamped under a penalty 0f.L20. 13. Debentures issued by or on behalf of any Provincial Government in New Zealand ai'c exempt from duty. 14. Explains Section 31 of former Act. 15. LlOpenalty fixed for signing unstamped receipts. 16. Unstamped receipts not to be taken in evidence until tho duty and penalty are paid. 17- Commissioners may authorise persons to sell stamps. 18. Persons acting as distributors of stamps without being licensed, arc liablo to n penalty not exceeding L2O. 19. Penalty of £20 Oxed for fraudulent removal or second use of impressed or affixed stamps. 20. Impressed stamps need not. b.- cancelled — Ifcit they must not be used s's adhesive stamps. 21. Commissioners may require declaration of value of property convoyed in exchange fur other property. 22. Annuities for h(o are to be vh'i.c-J by referoi,co to the tablo contained i.i third schedule. 23. Ihe nllowaiico m 50s per cont to be granted in respect of paper or p:i n-hment not previously written upon — pn-M-ntcd to be stamped — denoting dulics chargeable in agreements, bills of cxilmnge, promissory notes, bills of lading, dmlta or orders lor payment of money, receipts, policies of insurance and transfer of shairs in corporations, to be granted whenever the stamps so applied for shall amount to L 5 or upwards. 2i. A fine of 10s is to be paid to tho Commissioners w hen auy deed or instrument is presented to them for their opinion as to tho amount of duty chargeable thereon. 25. Tlie Commissioners arc authorisocl to stump documents which remain unstamped '

pending the decision of the Supreme Court without exacting any penalty. 20. Irregularities prior to 30th June, 1867, ts be remedied as follows : — 1. Documenls stamped with postage stamps of a sufficient value prior to 30th June, 1807, shall be deemed valid. 2. Stamp 3 not defaced in the manner required by law, may be defaced before Ist January, 1868. 3. Documents insufficiently Btamped, made prior to 30th June, 18G6, may have stamps affixed of a sufficient value oh or before Ist January, 1868. ; 4. In all cases prior to 30th June, 1867, in which adhesive stamps have been affixed instead of impressed stamps — such use of adhesive stamps Bnall be held to have been in compliance with the provisions of the Act. 27. When a conveyance is tendered for assessment of dutj r , the Commissioner may require evidence by declaration of the consideration. 28. Every Registrar of Deeds shall refuse to register any instrument liable to duty dated after Ist January, 1867, and not duly stamped, 29. Interpretation of any intestate in 44th Section of Stamp Act. 30. Defines meaning of Commissioners. 31 and 32. Amend schedules of Stamp Dufcie3 Act. 33. The exemptions from duty are mentioned in 2nd schedule. 34. Commissioner may stamp native documents.