Stamp Act Amendment Act 1982 (Qld)

204 ANNO TRICESIMO PRIMO ELIZABETHAE SECUNDAE REGINAE No. 18 of 1982 An Act to amend the StampAct 1894-1981 in certain particulars and for other purposes [ ASSENTED TO 23RD APRIL, 1982]

Stamp Act Amendment Act 1982, No. 18 205 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title and citation . (1) This Act may be cited as the Stamp Act Amendment Act 1982. (2) In this Act the Stamp Act1894-1981 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Stamp Act1894-1982. 2. Amendment of s. 4B . Duty a debt , and recoverable by Commissioner . Section 4n of the Principal Act is amended by- (a) in the note appearing in and at the beginning of the section, after the word " Duty " inserting the words " and penalty "; (b) in the first paragraph, after the word " payable " inserting the words " and any penalty imposed "; (c) in the second paragraph, after the word " duties " inserting the words " and penalties ". 3. New s. 4C. The Principal Act is amended by inserting after section 4B as amended the following section:- " 4C. Governor in Council may grant exemption regarding works for public benefit . Where any local or public body has entered or is about to enter upon a project to provide works for the public benefit, the Treasurer may recommend to the Governor in Council that exemption wholly or partly be granted from the operation of all the provisions or of specified provisions of this Act in respect of all or any- (a) transactions or arrangements or specified transactions or arrangements entered into or to be entered into for the purposes of financing that project; (b) instruments or specified instruments made for the purposes of financing that project. The Governor in Council, upon the recommendation of the Treasurer, may, by Order in Council, grant upon such terms and conditions as he thinks fit exemption wholly or partly from such provisions of this Act specified in the Order in Council in respect of such transactions, arrangements or instruments as he thinks fit whereupon the provisions of this Act specified in the exemption shall not apply in relation to the transactions, arrangements or instruments in respect of which the exemption is granted.

206 Stamp Act Amendment Act 1982, No. 18 Exemption granted under this section shall extend to such of the local or public body and other persons specified, generally or in particular, in the Order in Council who would have been liable under this Act to pay duty or required to do any other thing in relation to a transaction, arrangement or instrument in respect of which the exemption is granted. In this section the expression " local or public body " means any body or authority constituted under and for the purposes of any Act.". 4. Prescribed rate of interest etc., under s. 35 of Principal Act. (1) It is declared that subject to subsection (2) the rate of interest or the discount rate duly prescribed under section 35 of the Stamp Act1894-1981 for the purposes of each of the definitions " Credit arrangement ", " Discount transaction " and " Loan " in that section shall- (a) be taken to have been, on and from 1 July 1981, and to have continued to be until 31 January 1982 the rate of 17 per centum per annum; and (b) be taken to have been, on and from 1 February 1982, the rate of 17.75 per centum per annum and shall continue to be the rate of 17.75 per centum per annum until some other discount rate or, as the case may be, rate of interest is duly prescribed by Order in Council made under that section. (2) For the period from and including 1 July 1981 to and including 31 March 1982 subsection (1) does not apply for the purposes of the definition " Loan " in section 35 of the Stamp Act1894-1981 to the extent that that definition applies to the description of loan called " bank personal loan ". It is declared that the rate of interest duly prescribed under section 35 of the Stamp Act1894-1981 for the purposes of the definition " Loan " in that section in its application to bank personal loans shall continue to be 15.75 per centum per annum until and including 31 March 1982. 5. Amendment of s. 35B. Statements to be lodged by registered persons with the Commissioner . Section 35B of the Principal Act is amended in subsection (1), in paragraph (a), in provision (xiii), by omitting the subparagraph commencing with the words " the heading " BILL OF EXCHANGE " and ending with the words " of Queensland "," and substituting the following subparagraph:- " paragraph (b) under the heading " BILL OF EXCHANGE ",". 6. Amendment of s. 49C. Relief from conveyance and transfer duty upon company reconstruction or amalgamation . Section 49c of the Principal Act is amended in subsection (2), in paragraph (c), in provision (iii) by omitting the words "a substantial interest" where they thrice appear and substituting the words " an interest of not less than 90 per centum " in each case.

Stamp Act Amendment Act 1982, No. 18 207 7. Amendment of s. 80 . Remedy where insufficient duty has been paid . Section 80 of the Principal Act is amended by- (a) after the words " it is ascertained " -inserting the words " or any Court has determined "; (b) after the words " assessed correctly " inserting the words " or, as the case may be, after the Court's judgment has been delivered ".