Stamp Acts Amendment Act of 1962 (Qld)

231 ®utenslanb ANNO UNDECIMO E .. L .. I .. Z .. A .. B .. E ... T .. H .. A ... E .... S .. E .. C .. U ... N .. D ... A .. E .... R ... E .. G .. I . N ... A .. E .. No. 28 of 1962 An Act to Amend "The Stamp Acts, 1894 to 1961," in certain particulars [ASSENTED TO 18TH DECEMBER, 1962] 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 assemble_d, and by the authority of the same, as follows:- 1. (1) Short title. This Act may be cited as "The Stamp Acts Amendment Act of 1962." (2) Principal Act. "The Stamp Acts, 1894 to 1961," are in this Act referred to as the Principal Act. (3) Collective title. The Principal Act and this Act may be collectively cited as "The Stamp Acts, 1894 to 1962."

232 Stamp Acts Amendment Act of 1962, No. 28 2. Amendment of s. 2. Section two of the Principal Act is amended by adding thereto the following definition :- "The expression "hiring agreement" means an agreement, including any instrument constituting or evidencing the terms and conditions of an agreement, for the letting or hiring of goods. The term does not include any agreement, or any instrument constituting or evidencing the terms and conditions of any agreement, which is defined by section 32A of this Act to be a hire-purchase agreement for the purposes of that section or, where such a hire-purchase agreement is constituted by two or more agreements, any of such agreements or any instrument constituting or evidencing the terms and conditions of any of such agreements. For the purposes of this definition "goods" includes all chattels personal other than money and things in action." 3. Amendment of s. 31A (8). Subsection (8) of section 31A of the principal Act is amended by omitting the last paragraph and inserting in its stead the following paragraphs:- " A broker registered under this Act may lodge with the Commi!lsioner an undertaking that in respect of any and every purchase of stock or marketable security (being a transaction the transfer in respect whereof is subject to stamp duty under this Act) made by him he will cause the transfer of such stock or marketable security executed by the seller or a copy kept in his office of the contract note issued by him to the buyer in respect of the transaction to be stamped with the proper ad valorem stamp duty payable under this Act upon a transfer on such purchase. Every such undertaking shall remain in force until revoked by notice in writing lodged with the Commissioner. In respect of a sale of stock or marketable security made by the brokers of the seller and buyer, the provisions of this subsection do not apply where- (a) as respects the brokers- (i) both are registered under this Act and both have lodged with the Commissioner undertakings as set out in the next preceding paragraph of this subsection and such undertakings are in force at all material times; or (ii) one is and the other is not registered under this Act and the one who is so registered has lodged with the Commissioner an undertaking as set out in the next preceding paragraph of this subsection and such undertaking is in force at all material times; and (b) either the transfer executed by, or a copy (kept in the office of the broker who acted for the buyer) of the contract note issued to, the buyer in respect of the transaction has been stamped with the proper ad ,•alorem stamp duty payable under this Act upon a transfer on the sale in question."

Stamp Acts Amendment Act of 1962, No. 28 4. Amendment of s. 39. Section thirty-nine of the Principal Act is amended by adding the following subsection:- "(3) The ad valorem duties upon bills of exchange drawn or made in Queensland and payable at a place or places outside Queensland may be denoted by adhesive stamps." 233 5. Amendment of s. 40. Section forty of the Principal Act is amended by omitting subsection (3). 6. Repeal of s. 49B. Section 49B of the Principal Act is repealed. 7. Amendments of First Schedule. The First Schedule to the Principal Act is amended by- (a) adding to the exemptions appearing under the heading "AGREEMENT or any MEMORANDUM of an AGREEMENT under hand only, and not otherwise specifically charged with any duty, whether the same be only evidence of a contract or obligatory upon the parties from its being a written instrument" the following exemption:- ..(10) Any agreement, letter or memorandum made for or relating to the sale in any retail establishment of any goods, wares or merchandise the value whereof does not exceed one hundred poundii and, in respect of any such transaction, any instrument guaranteeing payment of moneys at any time due and unpaid provided that the liability of the guarantor is for a specified sum not exceeding one hundred pounds."; (b) adding to the exemptions appearing under the heading "BoND, CoVENANT, OR INSTRUMENT of any kind whatsoever" the following exemption:- " Any agreement, letter or memorandum made for or relating to the sale in any retail establishment of any goods, wares or merchandise the value whereof does not exceed one hundred pounds and, in respect of any such transaction, any instrument guaranteeing payment of moneys at any time due and unpaid provided that the liability of the guarantor is for a specified sum not exceeding one hundred pounds."; (c) under the heading "CoNVEYANCE OR TRANSFER"- (i) omitting provision (1) and inserting in its stead the following provision:- "(1) Of any stock or marketable security (other than by way of security)-- (a) On sale or by way of gift, division or exchange- For every £10 and also for any fractional part of £10 of the then value of the stock or marketable security transferred £ s. d. OO 9 (b) Under section one hundred and eighty-five of "The Companies Act of 1961"- The same duty as if the transfer were a transfer on sale by the shareholder;

234 Stamp Acts Amendment Act of 1962, No. 28 (c) For carrying into effect- Any bequest under a will; or a distribution in intestacy; or the terms of a settlement in respect of which ad valorem duty under this Act, or under "T/,. Gift Duty ACls, 1926 to 1961,.. has been paid, the same duty as if the transfer were a transfer on sale, but not exceeding ten shillings; (d) Where- {i) shares are acquired with rights to further shares and ad valorem duty is paid on the transfer of the shares on the full value of the shares including the said rights; or {ii) shares are acquired and rights to further shares are attached to them after acquisition and ad valorem duty is paid on the value at the time of acquisition of the shares, any transfer executed to vest in the transferee such further shares shall be charged with the same duty as if it were a transfer on sale, but not exceeding ten shillings; <•> Where paragraphs {a), {b) or {c) of this provision do not apply, the same duty as if the transfer were a transfer on sale, but not exceeding ten shillings."; (ii) in provisions (2) and (3) and in paragraphs (a) and (b) of provision (4) omitting the words "chargeable with any lower rate of duty as aforesaid"; (d) inserting after the exemption appearing under the headi.ag ..HIRE-PURCHASE AGREEMENT" the fallowing heading and provision, namely:- "HnuNo AoREIIMl!NT- (1) Where the agreement is for a definite and certain period so that the total amount to be ultimately payable can be ascertained- The same ad valorem duty as a mortgage, bond, debenture, and covenant for such total amount. (2) Where the agreement is for the term of any life or lives in being or for any other indefinite period it shall be deemed to be an agreement for the period of three years and chargeable accordingly under provision (1) appearing under this heading.•• (e) omitting provisions 1. and 2. appearing under the heading ..MORTGAGE, BoND, DEBENTURE, AND COVENANT" and inserting in their stead the following provisions:- "{1) Any such security which is- {a) the only or principal or primary security; or {b) collateral, or auxiliary, or additional or substituted security, or security by way of further assurance, for the payment or repayment of money- not exceeding £SO •• for every additional £50 and also for any fractional part of £SO £ s. d. 026 026 This provision does not apply to- (a) a fidelity bond issued under "77re Auctione,rs, Real Estate Agents, Debt Coller.tors and Motor Dealers Acts, 1922 to 1961.. ; or {b) a security to which provision (2) appearing under this beading applies.

Stamp Acts Amendment Act of 1962, No. 28 (2) Any such security which is collateral, or auxiliary, or additional or substituted security, or security by way or further assurance, for the payment or repayment or money where the principal or primary security is liable to be and is stamped with the ad valor,m duty imposed under provision (1) appearin1 under this headin1 0 2 6" 235