STAMP DUTIES AMENDMENT ACT.

West Coast Times, Issue 912, 25 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 title of this Act shall bo Stamp Duties Amendment Act, 1867. 2. Enacts that this Act; shall come into operation, Ist November, 1867. 3. Provides that additional and altered duties as set forth in the schedule are to be levied. 4. Stamp duties now payable on tho instruments mentioned in the first schedule whereon other duties are charged by this Act, are repealed. 5.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 bo denoted by adhesive stamps. 7. Commissioners may use old dies to denote new duties. 8. Prommissory notes aic defined as notes promising the payment of any sum 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 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 the day and year of writing the same. 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 j brought to the Commissioners within fourteen I days after they are signed, when they may be stamped. If brought before them after fourteen days and within one month, they may still bo stamped, but are liable to a LlO penalty. 11. If any person shall become an assurer upon any insurance on which any duty is ma.de payable, or shall subscribe or underwrite, or make or enter into any contract or agreement or memorandum of any such insurance, oi- shnll receive or contract for any premium or consideration for any such insurance, or shnll 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 ius'i'-aioe shall be engrossed, written, or printed upon vellum, parchment, or paper — duly stamped — or shall be guilty of endeavoring to evade the duties chargeable on such, policies of insurance, he shall be liable to LIOO penalty. The agent of Hie assurer or the person receiving any letter or memorandum requesting insurance to pay tho duty. 12. Interest or principal on bondi, debentures, or other securities not to be paid without the instruments being duly stamped under a penalty ofL2O. 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 penalty are paid. 17- Commissioners may authorise persons to sell stamps. 18. Persons acting as distributors of stamps without being licensed, are liable to a penalty not exceeding L2O. 19. Penalty of £20 fixed for fraudulent removal or second use of impressed or affixed stamps. 20. Impressed stamps need not be cancelled — Lut they must not be used as adhesive stamps. 21. Commissioners may require declaration of value of property conveyed in exchauge for other property. 22. Annuities for life are to be valued by reference to tho table contained in third schedule. 23. The allowance of 50s per cent to be granted in respect of paper or parchment not previously written upon — presented to bo stamped — denoting duties chargeable in agreements, bills of exchange, promissory notes, bills of lading, drafts or orders for payment of money, receipts,, policies of insurance and transfer of shares in corporations, to be granted whenever the stamps so applied for shall amount to L 5 or upwards. 24 A fine of 10s is to bo paid to the Commissioners when any deed or instrument is presented to them for their opinion as to the amount of duty chargeable thereon. 25. The Commissioners are authorised to stamp 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 before 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 Jaiuiary, 1868. 4. In all cases prior to 30th 3 une, 1867, iv which adhesive stamps have been affixed instead of Impressed stamps — such use of adhesive slamps shall be held to have been in compliance with the provisions of t.he Act. 27. When a conveyance is tendered for assessment of duty, the Commissioner may require evidence by declaration of the consideration. 28. Every Registrar of Deeds shall refuse to register any instrument liablo to duty dated a'ter Ist January, 1867, and not duly stamped, 29. Interpretation of any intestate in 41th Section of Stamp Act. 30. Defines meaning of Commissioners. 31 and 32. Amend schedules of Stamp Duties Act. 33 Tho exemptions from duty are mentioned In 2nd schedule. 34. Commissioner iiiiiy stamp native documents.