STAMP DUTIES AMENDMENT ACT.

West Coast Times, Issue 908, 20 August 1868, Page 4

STAMP DUTIES AMENDMENT ACT.

Tho following is an abstract of the provisions of this Act, which camo into force on Nov. 1:—1 :—

1. Short title of this Act shall be Stamp Duties Amendment Act, 1867. fcft. Enacts that this Act shall come into iperation, Ist November, 1867.

¥ 3. Provides that additional and altered duties as set forth in tho schedule are to be .oricd.

4. Stamp duties now payable on the instruments mentioned iv the first schedule whereon other duties aro charged by this Act, arc repealed. 5. Provisions of former Act apply to this. G. The duties on foreign promissory notes to bo denoted by adhesive stamps.

7. Commissioners may use old dies to denote new duties.

8. Prommissory notes are defined as notes promising tho payment of any sum of money out of any particular fund, or upon any condition made payable to bearer ov order, and not amounting in the whole to L2O.

[). The stamp on an agreement must be cancelled by two of the parties executing such agreement, by their writing their initials or names, and. the date of tho day and year of writing the same.

10. Bills of lading aud charter parties are not to be stamped after they are sigued, under a penalty of fifty pounds. Except they aye brought to the Commissioners within fourteen days after they are signed, when they nwy be stamped. If brought beforo them after fourteen days and wit'sin one month, they may still be stamped, but are liable to a LlO penalty. Q 11. If any person shall become an assurer upou any insurance on which any duty is mado payable, or 6hall subscribe or underwrite, or make or enter into any contract or agreement or memorandum of any such insurance, or shall receive or contract for any premium or consideration for any such insurance, or shall knowingly tuke 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 insurance shall be engrossed, written, or printed upon vellum, parchment, or paper— duly stamped — or shall bo guilty of endeavoring to evade the duties chargeable on such policies of insurance, he shall be liable to LIOO penalty. The agent of the assurer or the person receiving any letter or memorandum requesting insiirance to pay the duty. 12. Interest or principal on bondi, debentures, or other securities not to be paid without the instruments being duly stamped under a penalty of L2O. 13. Debentures issued by or on behalf of any Provincial Government in New Zealand are exempt from duty. 14. Explains Section 31 of former Act. ; 15. LlO penalty fixed for signing unstamped receipts. 16. Unstamped receipts not to be taken in' evidence until the duty and penally are paid. 17- Commissioners may authorise persons to soil stamps. - 18. Persons acting as distributors of stamps without bcing.liccnsed, arc liable to a penalty not oxceeding L2O. 19. Penalty of £20 fixed for fraudulent removal or second use of impressed or affixed stamps. 20. Impressed stamps need not be cancelled — but they must not bo used us adhesive stamps. 21. Commissioners may require declaration of value of property conveyed iv exchange for other property. 22. Anntlities for life aro to bo valued by reference to tho table contained in third schedule 23. Tho allowance of 50s por ivufc to bo granted in respect of paper or pui-chincnt not previously written upon — pi routed to be stamped — denoting clulics chargeable in agreements, bills of cu-hungc, promissory notes, bills of lading, drafts ov orders for payment of money, receipts, policies of insurance aud transfer of shares in corporations, to bo granted whenever tho stamps so applied for shall amount to L 5 or upwards. 24. A fine of 10s is to be paid to the Commissioners when any deed or instrument is presented to them for their opinion as to the amount of duty chargeablo thereon. 25. The Commissioners aro authorised to 1 Btnmp documents which remain unstamped

pending the decision of the Supreme Court without exacting any penalty. 26. Irregularities prior to 30th June, 1867, to be remedied as follows : — 1. Documents stamped with postage stamps of a sufficient value prior to 30th June, 1867, shall be deemed, valid. 2. Stamps not defaced in the manner required by law, may be defaced beforo Ist January, 1868. 3. Documents insufficiently stamped, made prior to 30fch June, 1866, may have stamps affixed of a sufficient value on or before Ist January, 1868. 4. In all cases prior to 30th June, 1867, in which adhesive Btamps have been affixed instead of impressed stamps — such nso of adhesive stamps shall be held to have been in compliance with the provisions of the Act. 27. When a conveyance is tendered for assessment of duty, tho 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 Duties Act. 33. The exemptions from duty are mentioned in 2nd schedule. 34. Couimiasioner may stamp native documents.