STAMP DUTIES AMENDMENT ACT.

West Coast Times, Issue 916, 29 August 1868, Page 4

STAMP DUTIES AMENDMENT ACT.

The 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 be 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 tho schedule are to be levied.

4. Stamp duties now payablo oa the instruments mentioned in the first schedule whereon other duties are charged by this Act, are repealed. 5.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 bo denoted by adhesive stamps." 7. Commissioners may use old dies to denolo now duties.

8. Promnrssory notes aio 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. 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 and charter parties are not to be stamped after they are signed, under a penalty of fifty pounds. Except they are brought to the Commissioners within fourteen 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 made payable, or shall 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 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 inswanrce shall be engrossed, written, or printed upon vellum, p.ivehinent, 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 the assurer 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 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. LlOpenalty 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. 13. Persons acting as distributors of stamps "without being licensed, aro 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 — but they must not be used as adhesive stamps. 21. Commissioners may require declaration of value of property conveyed in exchange for other property. 22. Annuities for life are to bo 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 be stamped — denoting duties chargeable in agreements, bills of exchange, promissory notes, bills of lading, drafts or orders for payment of money, receipts, policies of insurauco and transfer of shares in corporations, to be granted whenever the stamps so applied for bhall 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 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 aa follows : — 1. Documents stamped with postage stamps of a sufficient value prior to 30th June, 1897, 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 30th 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 stamps have been aifixed instead of impressed stamps — such use of adhesive stamps shall bo held to have been in compliance with the provisions of the Act. 27." When a conveyance i.s tendered for assossment of duty, 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 stumped,

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. Commissioner may stamp native documents.