Stamp Duties (Further Amendment) Act 1924 (NSW)

STAT\rp DUTIES (FURTHER

AI\IENDA[ENT) ACT.

Act No. 32, 1924.

An Act to impose certain stamp duties ; to amend George V,

the Stamp Duties Act, 1920, the Stamp Duties (A m endm ent) Act, 1922, and certain other Acts ; and for purjioscs connected therew ith, [Assented to, 9tli December, 1924.]

>hj it (jiiactfd hy the K ing 's M ost E xcellent A lajesty.

l)y and with the advice and consent of the L egis

lative Connell and Legislative A ssenddy of N ew Soutli

W ales in P arlian ien t assembled, and by the au tho rity <jt

tlie saiiK‘, as I'ollows :—

1 , (1) This Act may he cited as the “ Stamp siioi-t title.

Duties (Further Amendment) Act, 1924,” and shall be construed with tlie Stamp Duties Act, 1920, as amended by the Stamp Duties (Amendment) Act, 1922, and the Stamp Duties (Amendment) Act, 1924.

(2)

328 Stamp Duties (Further Amendment) Act.

George

¥ ,

(2) Tlic Stamp Duties Act, 1920, as so amended,

No. 32.	is liereinafter referred to as tlie Principal Act. (3) The Principal Act as amended by tliis Act
may be cited as the Stamp Duties Act, 1920-1921.

C'liarge of

duties.

2. Prom and after the passing of this Act there shall he charged for the use of Ills Majesty, under tlie provisions of tlie Stamp Duties Act, 1920-1924, and to form part of the Consolidated llevenue Fund upon and in respect of the instruments and matters mentioned in such last-mentioned Act, duties of the several amounts and at the several rates specified in the said Act subject to the exemptions contained therein and in any other Act for the time being in force.

Amendment

of Act No.

3. The Principal Act is amended in respect of the

47, 1920.

following instruments and matteis, namely:—

(a) PllELIJIINARY :—

Sec. .3.

(i) By inserting in section three in appro priate positions having regard to alplia- hetical order the following additional definitions:—

W .A ., 192-2

No. 10, s. 4.

“ Backer” includes any person with

whom a bookmaker bets.

Ihid.

“ Bet ” includes wager, and “ betting”

includes wagering.

im.	“ Betting ticket ’’includes any docu ment or thing purporting to he or serving the purpose of or usually or commonly known as a betting ticket, or giving or purporting to give or intended to give or usually or commonly understood to give any right to the chance, share, interest, authority or permission to or in connection with a bet.
1915, No. 57,	“ Bookmaker ” includes any person acts as a bookmaker or turf com mission agent, or who gains or endeavours to gain his livelihood wholly or partly by betting or making wagers.
s. 5.

1917, No, 15,	who carries on the business of or
s. 2.

“ Duly

stamp Duties (Further Amendment) Act.

329

“ Duly stamped ” means stamped in

George V,

accordance with this Act and the	No. 32.
regulations.

“ Prescribed ” means prescribed hy

this Act or the regulations.

“ Dacecourse ”

means land used for lois No. .'•.7,

race

meetings

and to which

admission is granted by pay- ̂ 2.

incnt of money, by ticket or

otherwise ;

(ii) by inserting in subsection two of section Sco. g

(-2).

six after the word “ contrary ” the words “ by this Act or the regulations ” ;

(hi) by inserting after section seven the New srction.

following new section :—

7a. Where under this Act any in-ENtent ot

strument is exempted from duty the	"
exemption shall not apply to any conveyance or other dealing with that instrument unless such conveyance or dealing is expressly exempted from duty.

(h) A dministration :—

(i) 9. (1) The Governor may make regu-Regulations,

By omitting sections nine and ten and Secs.Oamiio. in lieu thereof :—

lations not inconsistent with this Act, and may in such regulations prescribe— (a) forms to be used ;

(b)	the eases in which adlicsivc stamps may he used ;
(c)	anything which by this Act is required or permitted to he pre scribed or which is necessary or convenient to be prescribed for carrying the provisions of this Act or tlie regulations into effect.

(2)

S30

Stamp Duties (Further Amendment) Act.

George V,

(2) Such, regulations shall—

No. 32.

(a) he puhlished in the Gazette ;

(h)	take effect from the date of such puhlication or from a later date to he specified in the regulations ;
(c)	he laid before both Houses of Parliament v.dthin fourteen sitting days if Parliament is in session, and if not, then u'itliin fourteen sitting days after the commencement of the next session.

(3) If either House of Parliament passes a resolution of n hieh notice has been given at any time tvitliin fifteen sitting days after such regulations have been laid l^efore such House disallowing any regulation or part thereof, such regulation or part thereof shall tliere- ujion cease to have effect.

Fines.

10. The regulations may—

(a)	impose a fine fur any breach thereof and also distinct fines in case of successive breaches thereof; hut no fine shall exceed twenty pounds ;
(b)	impose also a daily fine for any coiitinuing breach thereof not exceeding one pound per day ;
(c)	fix a minimum as well as a maxi mum fine ;

Sec. 1l?.

(ii)

hy omitting from subsection one of section twelve the word M inister” and by inserting in lieu thereof the word “ Commissioner

Sec. \'A.

(iii) (a) hy omitting from section thirteen the Avords “ Attorney-General” and by inserting in lieu thereof the Avord “ Commissioner ” ;

(b)	by adding to the same section the following new subsections :—

(2)	The information or complaint

before tlm justices may be laid or

made

stamp Duties (Further Ameiicment) Act.

331

made at any time Avithin tAvclre George V,

months from the time AAdien the matter of the information or com

plaint arose.

(3)	The Commissioner m a y , AA'ith-Q sui.Aot

out instituting proceedings for the

•	recoA'ery of the fine, demand and receive the amount thereof, or such reduced amount as he thinks fit, from the person liable to pay the same, and, if the demand is not com plied AAuth, may institute proceedings to recover the amount;

(iv) (a) hy omitting from section fourteen Sec. u.

the Avords “ except in cases Avhere a

minimum fine is imposed ” ;

(h)	hy adding at the end of the same section the Avords “ where tlie same does not exceed twenty-five pounds” ;

(v) (a) hy omitting from section fifteen the '̂ ‘: -- i5.

AA’ords “ stamp rendered useless liy being inadvertently spoiled may on application to the Commissioner he alloAvcd” and by inserting in lieu thereof the Avords “ spoiled or unused stamps may on application in the prescribed form and payment of the prescribed fee he alloAA'ed hy the Commissioner ” ;

(b)	hy adding to the same section the following new subsection :—

(2) The Governor may prescrife the classes of cases in AAdiich the alioAvance may ho made, the form of application, the conditions to he observed in connection therewith, and the time Avithin nhich the application is to he made and the fees to bo paid.

^32	Stamp Duties (Further Amendment) Act.
George V,
4. The Principal Act is further amended in respect

No. 32.

Ameudmeut

loiJowing instruments and matters, namely :

of Act 47,

1920,	(a)	A gkeemknts ; —
ss. 40-42.

Sec. 40.

By adding to section forty the following new subsection;—

(2)	"Wliosoeyer executes any such

agreement without causing the same to he duly stamped shall be liable to a fine not-exceeding five pounds.

(h) A greements for Sale or Conveyance :—

S«o. 41 (6).	(i)	By omitting subsection six of section forty-one and hy inserting in lieu thereof the following new subsection:—
((!) If the agreement comprises any goods, wares, or merchandise a claim to tlie exemption expressed in the Second Schedule to this Act shall not be allowed unless particulars of and the value of the goods, Avares, and merchandise in respect of Aihich the exemption is claimed and an apportionment of the jmrehase money in respect thereof are fully set out in the agreement;
Sec. 41 (7).	(ii)	hy adding at the end of paragraph (a)
of subsection seAmn of the same section the Avords “ application for the refund shall be made Avithin six months of the agreement being rescinded or annulled” ;

(iii) hy inserting in paragrajAli (b) of the same subsection after the word “ liable ” the A v o r d s “ together Av i th five per cen tum of such ad Â alorem duty or one pound Avhichever is the lower ” ;

(iv) by adding at the end of the same sub section the folloAAing paragraph :—

(c)	This subsection shall not apply

Avhere the ])urchaser has entered

into possession of the property ;

(v)

stamp Duties (Further Amendment) Act.

333

(v)	section forty-two all words after the word “ purchaser” down to but'^* '̂ ■"

l)v ornittin" from subsection six of George V, Stamp Duties (Amendment) Act, 1922, and by inserting in lieu of the omitted words the words “ or conveyee is not written in ink or indelible pencil shall not be stamped until tlie name of tbc purchaser or conveyee is written therein in ink or indelible pencil.”

5. The Principal Act is further amended in respect AmeiKiment

of the following instruments and matters, namely :—

of Act No. 47,

1920.

Insertion of

now section.

B e t t i n g

T i c k e t s

(i) By inserting the following heading and section next after section forty-five :—

.	*Betting tickets.*

45a. (1) Every bookmaker shall—

Bookmakers

to issue

(a)

in the case of cash bets forthwith issue to the backer a duly stamjied ],,oono 33

betting ticket in respect of each s. 5.

’

such b e t; and

(b)

in the case of credit bets furnish to the Commissioner within seven days after the last day of each month a return verified by statu tory declaration showing the total number of such bets made by the bookmaker during the said month, and accompanied by payment of a sum equal to the amount which such bookmaker would have paid as stamp duty if he had issued a betting ticket in respect of each of such bets.

(2)	Betting tickets in or to the

clTcct of the prescribed form and num bered consecutively shall be provided by

the

334 Stamp Duties (Further Amendment) Act.

George V,

tlic Commissioner for tiie use of book

No. 32.

makers upon payment of the prescribed charge in addition to the stamp duty payable in respect thereof, and only hettin" tickets so provided sliall be issued l)y bookmakers.

(3)	A betting ticket sliall not be

issued by a bookmaker unless there is printed thereon tlie name and address of tlie bookmaker by or on 'whose behalf it is issued. Tbc name or address if impressed on the ticket with a rubber stamp shall not be deemed to have been printed.

(1) Eetting tickets shall be issued by a bookmaker only in proper consecutive order.

(5) Any bookmaker who fails to comply with any of the provisions of this section shall be liable for eaeh offence to a fine of not less than two pounds nor more than ten pounds ;

Second	(ii) by inserting in the Second Schedule after the matter under tbc beading of “ Bank notes ” the following new bead ing and matter :—
Schedule.

liETTINC TicKKT.S ; —

W liere tlie bttlting ticket is issued in the

0 0 3

sa ldling paddock of a racecourse.

The book

W here the hetting ticket is issued in any

0 0 1

part of a racecourse except the	maker.
saddling paddock.

Fuittu;r

6 . The Principal Act is further amended in respect

of Ae'i!"?'*'̂

of the following instruments and matters, namely :—

’■*"**'

(a) B ank N otes :—

(i) By omitting subsection two of section fortv-live and bv inserting in lieu thereof the following new subsection :—

(2)	Each of such quarterly payments

shall be made within one month after the last Monday of each quarter men tioned in section five of sucli A c t;

(ii)

stamp Duties (Further Amendment) Act.

335

(ii) l)v addins: to the same section at the George V,

end the following new subsections :—

(4) The Treasurer may enter into an agreement with any hank for iiayment hy the hank of a definite sum of money in lieu of and iiy way of composition for tlie duty payable under subsection one of this section.

(5) Upon payment hy any hank of the amount so agreed on the hank sliall not ho liahle to any further duty under siihscction one of this section.

(h)	B ills	on	E xchange	anu	P uomissoky
N otes :—

(i) By omitting from subsection one of sec- Sec. 48. tion forty-eight the words “ ad valorem”;

(ii) hy omitting section fifty and hy insert-Sec. 5o. ing in lieu thereof the following new section:—

50. Unless a hill of cxchangi' or pro- Bills of

missory-note which has heen written on

material hearing an impressed stamp of parUaiij-

insutficient amount is stamped with a

further stamj) for the amount of the ,see .14 & ."iS

deficdency within fourteen days after '’'e:.’ 39,

the execution thereof the person w ho’ ' ' '

issues or receives the same shall he

liahle to a fine of twenty shillings;

(iii) hy adding to section fifty-two the Sec. 52. following new suhsection ;—-

(2) E"pon proof of the loss or destruc

tion of a duly stamjM'd hill forming one

of a set, any other hill of the set which

.	has not heen issued or in any manner negotiated apart from the lost or de stroyed hill may, although unstamped, he admitted in evidence to jirove the contents of the lost or destroyed h ill;

(iv) hy adding at the end of paragraph (f) of the (exemptions apiiearing in ihe Second Schedule under the heading

“ Bills

336 Stamp Duties (Further Amendment) Act.

George V,	“ Bills of Exchange and Promissoi’y
Notes ■’ the words “ This exemption does not extend to a bill of excliange within the meaning of the (Common wealth) Bills of Exchange Acts, 1909-
19i-2.”

New s. 53a.	By inserting next after section fifty-three the following new section :—
Stamping of

bills of lading	53a. (1) Where bills of lading are drawn in sets according to the custom of shippers, and one of the set is duly stamped, the other or others of the set shall be exempt from duty.
drawn in
sets.
(2) Upon jiroof of the loss or destruction of a duly stamped hill of lading forming one of a set, any other hill of the set which has not been issued or in any v. ay negotiated apart from the lost or destroyed hill may, altliough unstamped, he admitted in evidence to prove the contents of the lost or destroyed Ijill.

Furtheramomi-

7 . Tlic Principal Act is further amended in respect

1920.

of the following instruments and matters, namely ;—

(a)	CoviFANY : Letter of Allotaient or IIenun-

CIATTON ;—

Sec. 81.

By inserting after suhsection two of section eighty-one the following new sub section :—

(3)	Any person who issues a letter of

allotment or a letter of renunciation not duly stamped shall he liahle to a fine not exceeding five pounds.

(h) Company : Share Capital :—

Sec. 59 (1).

(i) By omitting from suhsection one of section fifty-nine all words after the word “ cliarged ” and hy inserting in lieu thereof tlie words “ with the duty as set out in the Second Schedule”;

(ii)

stamp Duties (Further Amendment) Act.

337

(ii)

by inserting at the end of subsection George V, proviso :—

Provided tliat in no case sliall the duty charged exceed fifty pounds, and wliere an amount of fifty pounds or more has already heen paid the statement shall be stamped with one pound only;

(iii) by omitting from the Second Schedule Secoua ail matter under the heading “ Com panies ” down to liut not including the exemption inserted liy tlie Stamp Duties (Amendment) Act, 1924, and by in serting in lieu thereof the following matter :—

(a) Upon tlie amount of the nominal c<apital of any company to be registered panies Act, 1899, as shown I13' the under P art I or P art I I of the Com

£ S. d .

statem ent or declaraticm delivered in accordance w ith section 59, and upon the am ount of any increase of the registered capital of any company registered as aforesaid as shown by the statem ent delivered in accordance with the said section.

For every £100 and any fraction of

0 2 0

The company.

£100 over any' imiltiple of £1('0.

^Maximum duty chargeable £50. Provided th a t any du ty paid in respect of the amount of the nominal capital of a company ii})on its regiS’ tration shall he taken into account in assessing the duty payable upon the amount of any increase of the capital, and where an amount of £50 or more has been paid the statem ent shall be stamped with £1 only.

(h) Upon each of the following instru

m ents—

(i) ^Memorandum of association.. .. (ii) Articles of association.................	1 0 0	The compain’.
(iii) Certificate of incorporation .....

(cl Co:uPANT: Share Certificates ;—

J^y omitting from section ninety-four the sec. or. words “ less than five pounds nor.”

(cl)

338 Stamp Duties (Further Amendment) Act.

George V,

(d) CoMrANY: I ssue or Allotment of Shares

No. 32.

BY D irection :—

New s. 94a.

(i) By inserting next after section ninety- four the following new heading and section:—

Issue or alloiment of shares hy direction.

ISSU '3

o f

shares by	91a. (1) If a company under obliga tion to issue or allot any of its shares to any person issues or allots any of the shares to some otlier person excejrt upon th(' duly stamped direction in writing of the person entitled to have the shares issued or allotted to him the company shall he liahle to a line not exceeding one hundred pounds.
ilircL'tion.
(2) Tlie direction shall he stamped in accordance with the rates specilied in the Second Schedule hereto. (3) This section does not extend to the issue of shares to the legal personal representative of the person to wliom the company is under an obliga
tion to issue the shares ;
Second

Scliedule.

(ii) hy inserting in the Second Schedule next after the matter appealing under the heading “ Share certiticate or other document” the following new heading and matter:—

D i KECTIOX as Tt' I."SrK <>]l Ai.I.OTMKNT ni-

SlI.AKBS—

Any inslrum cnt whereby a personciititied:

W iicrc ihe direc- The person to

to luive any sliares issued or aliolte<l	tion is given	whom	llie
to him by a company other than a	to etlectuate a	share.<	are

miiiin^f company a.> detined in section	gift or voluii*' issued	or
three direct.s the company to issue	tary dis})Osi-\| allotted,
the share.s to any o ther person.	tion, the same
duty as on

convey a n e e ; ill o ther eases, the same duty as on a tra n s fer on sale of shares.

({') Company: T panseer of Shares:—

vSccnr.d

By emitting from the Second Schedule all

matter under the headiug “ Transfer of

Schedule.

Shares ”

stamp Duties (Further Amendment) Act.

33 !J

Shares” down to but not including- the George V,

exemption inserted by the Stamp Duties

(Amendment) Act, 1924, and l)y iuscrt-

ing in lieu thereof the following new

m atter;—

Upon tlie transfer on sale of any share or shares or of tlie right to any share or shares iu the stock or funds of any cor poration or company incorporated in New South W ales, or which, being in corporated out of New South ^Vales, has a share register in New South W ales wherein such share is registered—

£ s. d.

For every £10 and also for any frac

tional part of £ 10 ot the consideration

for the transfer.

0 0 0

The transferee.

Provided as follows ;— ̂

W here the consideration for the tran s fer is less than the value of the shares ad valorem du ty a t the above rate is also payable <*n the (litrercnce between the consideration and tlic value of the shares, but it the transfer is only partly by way of sale, ad valorem duty is also payable a t the rate chargeable on a convey ance of property on the diUcreiice between the consideration and the value of the shares.

W here a transfer of shares includes a right to shares and the transfer is duly stam ped—

On any transfer necessary to vest such rights in the purchaser.

0 2 6

The purehaser.

Upon the transfer otherwise than hy way 'I'lie same du ty as

The transferee.

of sale or mortgage of any share ori on a conveyance

shares or of the right to any share or	of properly’,
shares in the stock or funds of any cor poration or company iiicorporatetl in New Soutli Wales or whieli l)eing incorporated out of New South Whiles has a sliare register iu New Soutli W ales in which such shares are registered.

Upon the transfer of shares from .an a<l- iniiiistrator or trustee to a person bene

or ad valorenJ

ficially entitled thereto.

du ty a t the ratel of 9d. for everyi

tliereoi) ot tliei

(<;>■ l>;Vh i-The transferee,

value of the| shares, whicli-

ever

tlie

lo wer.

ExempttonA.—

(a) Any transfer on sale of stock, deben tures, or T reasury Bills of tlie Oovernment of New South Whales or of the Commonwealth of Australia.

340 Stamp Duties (Further Amendment) Act.

George V,

(f)

TiiAXsriciis

S h a r e s

S t o c k :—

(i) Ey omittinsr sections ninety-six, ninety seven, ninety-eight, and ninety-nine, and by inserting the following new sections:—

’

Stam ping of

transfers of	0(3. (1) Every transfer on sale of any be stamped within one calendar month after the same has heen received or executed hy the transferee, or after the same has been first received in Ivcw South Wales in case it was first executed out of Xew Soutli Wales.
m arketable	marketable security liable to duty shall
eeiiritics.
Fine.	(2) If such transfer is not duly stamiied within one calendar montli after such execution or receipt as afore said, the transferee shall be liable to a line not exceeding twenty-five pounds.

T ransfer of	07. (1) No transfer of any share or
shares lialile to

<lut\’ no t to bo	shares cf or in the stock or funds of
lu-gistered nnles8
tUily stam ped.	any cor2ioration, company, or society
N.Z. Act, 1903,
No. 182, s. 127,	whatever liahle to duty shall he registered, recorded, or entered in the hooks of such corporate body in New South Wales unless such ti'ansfer is duly stamped.
registering'

F. r.c for	(2) If any such corporate body
trjinsfcr.

unstam ped	so registers any such transfer in con
.See 1S9S, No. 27,	travention of the above provision, that
s. (;<): 1914, No.
3, 8. 23.	body and the directors or managers thereof shall he liable to a fine not exceeding fifty jiounds ;
C >nse(juentia

;uncn(lniont

(ii) l)v omitting from section one the figures

of s. 1.

“ 1)9 ” and hy inserting in lieu thereof

the figures “ 97.”

Furl her i'niimt-

8 , Tlic Principal Act is further amended in rcsjiect

luVi.

‘

of the following instruments and matters, namely :—

C o n v e y a n c e s :—

Sec. 6.').

(i)

Ey adding at the end of section sixty-five the following words:—“ ‘Conveyance

stamp Duties (Further Amendment) Act.

341

on sale ’ includes every instrument and George V,

every decree or order oi' any court

whereby any property on tlie sale thereof

is conveyed to a purchaser or other

person on his behalf or by his direction”;

(ii) by

omitting

sections

sixty-six

and Sycs . 6 6 a n d

sixty-seven, and by	inserting the
following new section

GO. (1) Subject to the provisions of this Act every conveyance is to be

"“ h

■jin tliepro}»crty

charged with ad

valorem

duty

̂ conveyed.

respect of the value of the property	respect	(lOOD-lO) Act,
thereby conveyed	1910, 8. 74.

(2)

(a)

A conveyance

sale o f O 'o n v e y a n o e

any property is to be charged with ad X ar^ed on

valorem duty on the amount or value

. 1

suleration for

ot tlie consideration tor the sale.	the sale or
tho value of

(b) I f the amount or val uc tiie property,

of the consideration is less than the value of the property the duty is to he charged on the value of tlu; property ascertained in accordance with section sixty-eight.

(3) A conveyance made upon any considemtion otl'.er than full consideration in money or money’s worth is to be charged—

(a)	with ad valorem duty on the amount or value of the considera tion at the special rate (if any) specified in the Second Schedule for a conveyance of that class of pro perty ; and
(b)	also with a duty of fifteen shillings for every hundred pounds (or part) of the ditference between the value of the consideration and the value of the property conveyed ascertained in accordance with the provisions of section sixty-eight.

(4)

31.2

Stamp Duties (Further Amendment) Act.

George V,

(1) A conveyance by ivay of

No. 32.

exchange is to he deemed a conveyance

Exoiiangu

deemc.l a	on sale, and the person to n liom property
sale.	is conveyed by vray of excliange is to
ISecN .Z.A ct,
1915 No. .19,	be deemed the purchaser thereof, and
«. 76 (5). J	the person by vhom property is so conveyed is to be deemed the seller thereof;
Balances clue	(a) The balance due to the Crown for the conversion of a holding under any Act into a fee simple absolute shall not be deemed part of the consideration for a conveyance;
to Crown

Sec. 08.

(iii)

by inserting at the end of subsection one of section sixty-eight the words “ and may assess the duty in accordance therewith ” ;

See. 09 (1).	(iv) by inserting at tho commencement of subsection one of section sixty-nine the words “ Subject to the ])rovisions of paragraph (b) of subsection two of section sixty-six ” ;
Sec. 72.	(v) by inserting at the end of section seventy-two the words “ and each of the other instruments is to be charged with a fixed duty of ten shillings ” ;
Sec. 73 (1)	(vi) (a) by omitting from paragraph (a) of subsection one of section seventy- three the words “ or a conveyance madefor nominal consideration upon the appointment or the retirement of a trustee ” ;

(b)

bj" omitting from jiaragraph (c) of subsection one of section seventy-

three the Avords

by law o r” ;

Sec. 73 (2).

(c)

by inserting the following new sub section next after subsection t\vo of the same section :—^

(2.\) A eonveyanei' made for

nominal consideration upon the

appointment or tho retirement of

stamp Duties (Further Amendment) Act.

313

a trustee (whether the trust is ex- George V,

pressed or implied) is to Ije charged

with the duty of live shillings only;

(vii) (a) hyomitting from subparagraph (a) ol

Sc]ilhI u1l‘.

paragraph four of the matter appear ing in tlie Second Sehcdulo under tlie heading of “ Conveyances of any property” the folloAving words,, namely :—“ or a conveyance made; for nominal consideration upon tin; appointment or the retirement of a trustee ” ;

(b)	by omitting from subparagraph (c) of the same paragraph the words “ by law or ” ;

(viii) by adding at the end of tho

SJllllO See uvl

paragraph the following	new sub-
paragraph :—

£ s. (1.

{!') A ( onveN’ance inatlcfor nominal con sideration upon the appointm ent or the retirem ent of a trustee (whether the tru st is expressed or implied).

0 5 0

'I'lic tran.sfeiee.

9 . The Prineipal Act is further amended in res2)ect Fuiiher

of the following instruments and matters, namely:—

orActrr*^

1920.

’

(a) D utiks

I nstuuments— General

Pro

visions :—

(i)

Ey omitting from suhsection one cf scc.(i) an adhesive stamp unless the jicrson required hy law to cancel such adhesive stain]) cancels the same” and by insert ing in lieu thereof the words “ unless the person wlio first cxecutf's the instrument cfineols the stain]) ” ; and also hy omit ting from the same suhsection the voids “ or unless it is otherwise proved that the stamp appearing on the instrument was affixed thereto at the proper time ” ;

(ii)

344 Stamp Duties (Further Amendment) Act.

George V,

No. 32.

(ii) by omitting section twenty-five and by

Repeal of s. ?5	inserting the following new section in
of Priiiciiial Act.
its place:—
Terms on

which in stru

25. (1) Except where other express

m ents may be	provision is made by this or any other
stamped after
execution.	Act any instrument may he stamped
See ISOS,	after the first execution thereof suhp'ct
No. 27, s. 14 ;
1904, No. 24,	as folloAvs :—■
s. 17 ; 1914,	(a) (i) Wlu're the instrument is duly stamped within one month after it hasheen first executed in this State or after it has been first received in this State in case it was first executed at any place out of this State on payment of the duty only.
No. 8, s. 82.

(ii) Where an instrument is first executed in this State and is sent out of the State for execution hy another party within one month after its receipt iu this State upon payment of the duty only.

(h)	Where tin; instrument is not duly stamped Avithin one month after such execution or receipt as afore said on payment of the duty payahlc thereon and a fine of twenty per centum on the amount of the duty.
(c)	Where the instrument is not duly stamped Avithin tAvo months after such execution or receipt as afore said on payment of tin; duty ])ayahle thereon and a line of not exceeding one hundred ]>er centum on the amount of the duty :

Provided that in no case shall the lastmentioncd fine he less than one pound in case the ad valorem duty on the instrument does not exceed five pounds nor less than thi'ce pounds in case the duty exceeds five pounds.

(2)

stamp Duties (Further Amendment) Act.

345

(2) The payment of any fine George V, shall be denoted on the instrument by	^
a particular stamp ;

(iii) by inserting at the end of section twenty- six the following further proviso :—

“ Provided further that a contract made by acceptance of an offer contained in any instrument shall be deemed first executed wlien the offer is accepted ” ;

(iv) by inserting in section twenty-nine Sec. 29. after tho words “ in hnv or in equity ” the word.s “ for any purpose whatsoever ” ;

(v) by adding at the end of section thirty- Sec. 35. live the following proviso :—

“ Provided tha,t nothing in this section shall alVeet the operation of section tw('nty-five ” ;

(vi)

by omitting from subsection one of Sec. 37 (i). cases where all the facts and circum stances affecting the liability of the instrument to dutv have not been trulv and fully set forth in such instrument ” ;

(vii)

by inserting in subsection one of section Sec. 3S(i). tion” the word “ first” ;

(viii) bv insertin'; the following new sections tn

'cwsections

00,.

immediatelyaftersection thirty-eight:— '

’

38a. (1) If the Commissioner has; inspection of

reason to believe that any instrument (jeeni"™ has not been duly stamped, he mayicinty. by notice in writing under his hand

require any person in whose jiossession or under whose power or control such instrument is to produce the same to the Commissioner at the stamp office for inspection within the time stated in the notice.

(2)	Any person upon whom

such notice is served who fails to comply

with

34G

Stamp Duties (Further Amendment) Act.

George V,

with tho requii'oments of tho notice shall

No. 32.

be liahle to a fine not exceeding fifty

pounds.

(3)	A notice under this section

may he served on any person personally or by registered letter addressed to the place of abode or business of such person last known to the Commissioner.

Iiistriinicnts

e.\ecute(.l by

38n. Any instrument executed hy the

Public	Public Trustee under his seal of office
Trustee.	which if made hy an individual would
iScti () Edw.
A m , c. 55,	not he required hy law to be under seal
s. ].	shall not he liahle to a higher stamp duty hy reason only of the use of such seal.

Con.soquential	(b) By omitting from section one the figures “ 38 ”
amendment

of 8. 1.

and hy inserting in lieu thereof the figures and

letter “ 38b.”

Second

Schedule.

By inserting in the Second Schedule in the matter under the heading “ Guarantee ” after the words “ Under hand” tho brackets and words “ (adhesive stamp).”

(d) Gexebal Exemptions :—■

econd Scliodule.	(i)	By inserting in paragraph fourteen of the
matter appearing in the Second Schedule under the heading “ General Exemptions from Stamp Duty under Part I I I ” after tho words “ hy ivay of ” the words “ mortgage or hy way of ” ;
(ii)	hy inserting at the end of the same matter the following new paragraph :—
(17) Any debenture issued in New South Wales of any corporation, com pany, or society incorporated in New South Wales or of any unincorporated club, association, or society formed in New South Wales to carry on operations therein.

stamp Duties (Further Amendment) Act.

347

10. The I’l incipal Act is rurtlier amended in respect George V,

of the following' instruments and matters, namely :—

I'lU'ther

(a)

I I i u i c - r u K c i i A S E

A g k e e m e n t s

: —

(i) ]?y inserting immediately after section New s.75a.

seventy-five the follow ing new heading

and section :—

Hi re-purcli ase

agreemen ts.

7oa. (1) Any agreement made after Duty on inre-

thc passing of the Stamp Duties (Further

Ainondment) Act, 1921, for or relating 7 k<	1w. vii,
to tli(' supply of goods, wares, or mer- c- g	'i, s. 7.
chandise on hire, wlicreby the same in consideration of periodical payments will or may become the propertyof tbc person to whom they are supplied, shall be ebarged witli stamp duty as a hire-pur- chasr; ngi'cement, and such instrument, shall not be deemed an agreement for or relating to tlie sale of any goods, wares, or mercliandise witbin any exemption contained in tlie Second Scbedulc hereto ” ;

(ii) bv inserting in tbe Second Schedule after seend

the matter appearing under the licading ' "

“ ‘

“ Guarantee ” the folloAving heading and

m atter:—

H l l t K - l T ’RClIASK

A g RKKMKNTS-—

[

£ s. d.

The person to

Relating to tlie sui)ply of goods, wares,1

or by whom the

or merchandise on hire -

goods,

wares,

U nder hand or seal {atlhcsive stamp)|

1 0

or merchandise

(See Section Tda.)

are stipplied.

m y // '- -H ire -p u rc h a se agreement where ihe aggregate of the periodical paymeiUs does not exceed £10. I

( b )

tiE A S E S

By inserting in the matter appearing in the .Second

Second Schedule under the heading of “ Lease or promise of or agreement for lease or hire of any property not being a ship or vessel ” at the beginning of paragraph one the words “ (a) Avhere the lease or agreement is for a term of

one

34S

Stamp Duties (Further Amendment) Act.

George V,

one year or upwards ” ; and by inserting

No. 32.

at the end of tlie same paragraph the

following AVords and figures : —

(1)) W liere the lease or agreem ent i.s for ai term of less than one year, and w ithouti any consideration hy way of preniiuin,' fine, or foregift— I

£ s. d.

In respect of tlie total am ount of thei rental for the term, where the rent does not excecil foU ...........

I) 2 G

The lessee or

And for every additiontil £o0

ten a n t.

or part of £o0 ........... ............

2 G

Further

1 1 . The Principal Act is further amciuhal iu respect

following instruments and matters, nanicly :—-

(a) Letter or Poaâ er of Attorney : -

By omitting from paragraph five of tlie matter appearing in the Second Schedule under the heading “ Letter or power of attorney or other instrument in the nature of ” the amount “ 1 0 0 ” and

hv inserting in lieu thereof the amount

“ 0 10

0 . ”

(h) Partition or D ivision :—

8ec. So (2).

By omitting from suhsection two of section eighty-live the words “ one ])ound ” and hy inserting in lieu thereof the words “ ten shillings.”

F u rth e r	1 2 . The Principal .Act is fnrtln'r amended in respect
amendm ent

of Act 47,

of the following instruments and matters, namely ;—

1920. (a) Policies of I nsurance :—•

New sections.	(i)	By omitting section eiglity-nim' and hy inserting in lieu tliercof the following ncAV sections ;—-
Stamping of	SO. (1) EA'ery policy of insurance, and ovinw renewal of any sueli policy, issued out of New South Wales and rceeivod in New South AVales, shall l)c liable to tlie sameduty as is ehargoahle on a policy executed in N cav South Wales.
foreign!
policies.
(2) Lvery such policy of insur ance sliall he stamped hy the holder thereof Avith such duty Avithin one month after the same is lirst received in Ncav Sonlh Wales.

(3)

stamp Duties (Further Amendment) Act.

849

(3 )

Every person who lias in his George V,

possession or control, or who for any purpose avails himself of any such policy of insurance Avhich is not (Inly stamped in accordance with tliis section shall be liahle to a tine of not more than live pounds.

S9a. (1) Anv nnmhcr of policies of I’uiieies of

marine insurance torming part ol one insurance

set or scries accordimr to the custom of

insurers shall be held to he one such

policy for the purposes of this Act pro-

viclccl that one of the number is (Inly

stamped.

(2)	Upon proof of the loss or

destruction of a duly stamped policy of marine insurancf' forming one of a set or series any other policy of the set may, although unstamped, be admitted in evidence to prove the contents of tho lost or destroyed policy ;

(ii) hv omittim? from the Second Schedulesecami all the matter apjiearing under th e ' “ heading “ Policies of Insurance” and hy inserting in lieu thereof the folloiving matter :—

(I) Uj)on every policy—

;

s. d.

(a)

For or against loss by tire or hail—

For every £10U and also for every

0 0 4

fractional part of ClOO insured for

any term or period.

On every renewal or continuance thereof for every £100 and also foi every fractional ])art of £100 in sured for any term.

0 0 4

i I

(b) For any voyage or period—

For every £100 and also for any

0 0 4

The companyor

fractional part of £100 so insured.

[

person issuing

the policy.

On every”̂ renewal or continuance thereof for «?very £ 100 or fractional part of £100. j

0 0 4

If drawn in a s e t .....................................

One only of the

set

bt\

stamped with the du ty pay able on a| j

single policy. I 1

350 Stamp Duties (Further Amendment) Act.

G eo rg e V,	oi- against loss or damage iiij explosions—
No. 32.	respect of motor vehicles or boiler,

For every FlOn ami also for every

fractional part of £100 insured...... (<1) Against liability for injury to third persons (whether included, in any

0 1 0

O llie r policy or not) ............................

0 1 0

(o) For or against loss or damage in respect of I ’late Glass, F idelity

I The company or

(!uarant(‘es (including misappro-

[’ person issuing

jniation of gtiods), l^ersonal Acci-

1	the })olicy.

<lent or Personal Accident ami Sickness, W orkm en's or Seamen's!

Compensation

.................................... |

U 1 0

(f)

Not otherwise specided—

For every £100 and also for every

fractional part of £100 insured ....

0 1 0

(g) Of reinsurance where the original policy is <luly stamped ....................

1 0

(2) Upon every transfer or assignment otherwise than hy way of mortgage or release of mortgage of any such policy as aforesaiil ....................................................

0 2 6

The

transferee

(Adhesive stamp.)

or assignee.

(o) U]>on every transfer or assignment of The same duty The

transferee

a life policy otherwise than by way of	as on a con-	or assignee,
mortgage (*r release of mortgage.	vcyance.

E.rjiDptiont̂ .—

(a) Any policy of insurance on life. j

(b)

Any transfer or assignment of a life policy in consideration of marriage. ^

(c)

x\ny policy of insurance upon the property of tho S tate of New South' W ales or any s ta tu to ry body repre senting such State.

(d)

Any policy of insurance against loss: by fire on the tools, impiements of work or labour used by any working, mechanic, artificer, handicraftsman,! or labourer, such insurance being! ellected by a separate policy in al d istinct sum. j

(e)

Any policy of insurance taken out' by or on behalf of any ]»ublic| hospital or charitable institu tion , o r‘ bv or on behalf of the Ked Cross Society, or the New South ^ValeR Ambulance 'J’ransj)ort Service Hoard or any d istric t committee consti tu ted under the Ambulance 'J’rans- port Service A ct, 1919, ,

( b )

R e c e i p t

o r

D i s c h a r g e :—

Sec 9

By omitting from subsection tbree of section ninety-two tlie words “ fourteen days ” and by inserting in lieu thereof the words “ one calendar month.”

stamp Duties (Further Amendment) Act.

351

1 3. Part IV of the Principal Act is amended in C^orge V,

respect of the following matters :—

F u r th e r aniciui- m tn t of 1‘urt IN' of Act 4 7 ,11120.

D e a t h

D u t y :

G e x e k a l

P r o v isio k s :—

(a) By omitting paragraph (b) of section one

loi,

hundred and one and the word “ and” im

,	mediately hefore tliat jiaragraph ;

(b)	(i)
hy omitting from paragraph (a) of suhsection Se=. 102(2). words “ or special ” ;
(ii)	hy omitting paragrajih (g) of tho same suhsection and inserting the following new paragraph in lieu thereof:—
(g) (i) The value of any interest of the deceased in any projierty determin able on his deatli and Avhieh has within three years of his death heen surrendered to or for the benefit of the person entitled in remainder.

(ii) The value of the interest is to he ascertained as at the date of the surrender.

(iii) When the surrender was made upon sale or exchange bona fide and not at an undervalue and bona tide possession and enjoyment of the property was assumed im mediately upon the surrender and thereafter retained to the entire exclusion cf the deceased the value of the interest shall not ho deemed part of his estate ;

(c) (i) hy inserting in paragraph (c) of suhsection Sec. 103 (i).

one of section one hundred and three after the word “ society” the Avords “ carrying on its business ndiolly or partly within New South Wales and ” ;

(ii) hy omitting from the same paragraph the words “ for any purpose Avhatsoever ” and hy inserting in lieu thereof the AAmrds “ Avherein such share is registered” ;

(d)

352 Stamp Duties (Further Amendment) Act.

George V,

No. 32.

(d) by omitting sections one liundred and four and

►Sees. 104-5.	one hundred and five and by inserting in lieu thereof tlie following new sections :—
See 1898 No. 27,
D utiable est.ate.	101. The estate of a deceased person consti sections is in this Act referred to as his dutiable estate.
8. r>4 ; 1914 No. 3,	tuted as provided in the last two preceding
8. 41.
Final balance
of estate.	105. (1) The final balance of the estate of a total value of his dutiable estate after making such allowances as are hereinafter authorised in respect of the debts of the deceased.
1909, No. 10,
See N.Z. Act,	deceased person shall be computed as being the
s. 6.
<■. 30, s. 7 (5).
;')7 A 5S Vic.,	(2) Save as in this Act expressly provided, the value of the property included in his dutiable estate shall be estimated as at the date of the death of the deceased.

Sec. 106.

(e) by repealing section one hundred and six ;

See. 111.

(f)	by omitting subsection two of section one hundred and eleven and by inserting in lieu thereof the following new subsection :—•

(2) No death duty shall be payable in respect of any legacy, bequest, or devise made for educational purposes.

See. 11-2 (1)	(g) (i) by omitting from subsection one of section one hundred and twelve the words “ except property separately assessed in accordance wdth this Act ” ;
( 2) .

(ii) by omitting subsection two of the same section.

F u rth e r

1 4 .

The Principal Act is further amended in respect

of the following matters :—

D e a t h

D u t y :

A s s e s s m e n t

a n d

Co l l e c t io n :—

Sec. U 7 (4).	(a)	By omitting from subsection four of section one hundred and seventeen the words ” and also upon any property in respect of which a separate assessment is required by this Act to be made” ;
Sec. 119.	(b)	by inserting in section one hundred and
nineteen after the word “ shall” the ivords “ without the consent of the Commissioner ” ;

( c . )

stamp Duties (Further Amendment) Act.

353

(c)	hundred and twenty the words “ and if a No. ?2.

by adding to subsection three of section one George V,] sale of the property” ;

(d)	by omitting section one hundred and twenty- sec. 121. one and by inserting in lieu thereof the following section:—

121. (1) Except where duty as assessed by interest on

the Commissioner under this Part is paid. within thirty days after notice of assessment has been given, interest at the rate of ten pounds per centum per annum of the amount of the duty payable shall be paid to the Com missioner by the administrator or person directed to deliver the account under the last preceding section.

(2) Such interest shall be calculated from the expiration of thirty days after notice of the assessment has been given by the Commissioner.

(3) In any case in which it is proved to the satisfaction of the Commissioner that delay in payment of the duty is not due to the default of the administrator or other person liable, the Commissioner may remit the whole or any part of the interest payable hereunder ;

(e) (i) by inserting in subsection one of section See. 122 (i).

one hundred and twenty-two after the words “ fixed deposit ” wherever oceurring the words “ policy of life insurance ” ;

(ii) by inserting in the same subsection after the words “ given effect to ” the words “ or such policy satisfied ” ;

(iii) by adding at the end of the same subsection the words “ or that the Commissioner con sents to the proposed dealing ” ;

(iv)

by omitting from subsection four of the Sec. 122 (4). his death ” and by inserting the words “ three months after the grant of probate or administration ” ;

(v )

351 Stamp Duties (Further Amendment) Act.

George V,

(v) by adding to the same section the following

No. £2.

new subsections :—

New subsce-

lioiKs (5) -(S).

(5) Tlic preceding srdjsections shall not apply—

(a)

in the case of estates administered by the ruhlic Trustee ; or

(h)

to the Government Savings Bank of Xew South "Wales in respect of funds standing to the credit of a deceased depositor who was at tlic time of his death domiciled in N cav South Wales where the amount of the fund in the Savings Bank Department does not exceed two hundred pounds, and in the Bural Bank Department does not exceed one hundred pounds, such fund or funds being the only asset in New South Wales of the estate of such depositor.

(6) The certificate required by this section maybe in the form of a stamp denoted on the instrument of title (if any) to the shares, stock, debentures, money on tixod deposit, policy of life insurance, or otlier property.

(7) Subject to the preceding provisions of this section, where any property is vested in a deceased person jointly Avith another person, and on the death of the deceased the property passes or accrues by survivor ship to such other person, no registration of the title of the survivor shall he made in the office of the Begistrar-General, or in any other office, unless notice of the death of the deceased and of such accruer of title has been given to tlie Commissioner.

(8) Where the amount payable in respect of a policy of assurance on the life of a deceased person wdio was at the date of his death domiciled in N cav South Wales does not exceed tAvo hundred pounds and tlic gross value of the dutiable estate of the

deceased

stamp Duties (Further Amendment) Act.

deceased person does not exceed iha; bun- George V,

dred pounds, a company, corporation or

society may pay the amount payable in

respect of the policy n itbout the production

of such certificate or consent as is referred

to in subsection one of this section ;

(f) by addim; to section one bundred and twenty-

12S-

three the following new subsections :—

(2) Any deduction hereunder shall not exceed the amount of the death duty assessed in respect of that property.

(3) Ko deduction shall be made under this section unless the instrument on which the ad valorem duty has been paid is produced to the Commissioner upon the ajiplication therefor;

(g)

l)v omitting from the Third Schedule paragraph Tiiii-a

(h) of the proviso.

Sci.ea»ic.

15. Part V of the Prineijaal Act is amended in Amendment

respect of the following matters :—

Acfr?! ^ ‘>o.

M is c e l l a n e o u s

;—

(i) (a) By inserting in subsection one of section See. i3i (U.

one hundred and thirty-one after the word “ inspector ” the words “ or other officer of the public service ” ;

(h)	by omitting from subsection three of the same section all the words after the Avord “ section ” and by inserting in lieu thereof the Avords “ the inspector or other officer may impound the instrument and hand the same to the Commissioner, who may retain the instrument until the duty or fine or both have been ]iaid ” ;
(c)	and by adding to the same section the following new subsection :—

(4)	The Commissioner may impound any

instrument Avhich ought to bo, but is not, stamped or Avhich is insufficiently stamped, and retain the same until the duty, fine, or both have been paid ;

(ii)

356 Stamp Duties (Further Amendment) Act.

George V,

(ii) by omittin" section one Imnclrecl and twenty-

No. 32.

seven and by inserting the following new

Sec. 127.	sections in lieu thereof ;—
V aluation of

shares in

127. (1) For tlie purposes of this Act the

certain com-	valuation of—
p in ies and

partnerships.

(a) shares in a jirivate company; and

(h)

shares in any ot her company incorporated in New Soutli IVales, or which being incorporated out of New South AVales has a share register in New South Wales wlierein the shares arc registered, in case tlie market price of the shares of any such company is not quoted on the current official list of the Sydney Stock Exchange;

shall be made upon the basis that the memo randum and articles of association or rules satisfy the requirements prescribed by the committee of the said Exchange to enable that company to be placed on such official list at the time of making the valuation.

(2) This section ap]ilies to all com panies whether incorporated before or after the passing of the Stamp Duties (Further Amendment) Act, 1924,. other than those registered undiu’ section fifty-two of the Companies Act, 1S99, or under any similar provision in the law of any place out of New South Wales.

(3) No agreement whereby the value of the share of a deceased partner or of a partner upon the dissolution of the partnership in any of the partnership assets is determined as between the partners shall be conclusive as to the value thereof for the purposes of this Act.

Particulars as	127 a . (1) In all cases in which it is neces
to shares in

companies,	sary for the purposes of tliis Act to ascertain
&c.	the value of any shares or stock in any
See 1914,
No. 3, s. 39.	corporation, company, or society, any director or member of the governing l)ody, or the

manager

stamp Duties (Further Amendment) A.ct.

sr>7

jnana^er or puldic officer of the corporate body George V,

sliall, at the request of the Commissioner, No. 32.

deliver to him such l)alance-sheets and

accounts of that body, and such other infor-

ination as the Commissioner may require for

tlic purpose of ascertaining the value of the

sliarcs.

(2) If any such director, member, manager, or public officer fails to comply with any provision of this section he shall be liable to a line not exceeding fifty pounds, and a further fine not exceeding live pounds for t'very day after the lirst dui-ing wliich such default continues ;

(iii)

by omitting from subsection two of sccticn onc.si.,;, 130. missioners Evidence Act, 1901,” and by insert ing tlie words “ Iloyal Commissions Act, 1923 ” ;

(iv) by omitting section one hundred and thirty- sco. 1.39. niiu' ;

(v) by omitting subsection two of section one sic. i4o. hundred and forty.

(vi)

by omitting section one hundred and forty-two xvw s. 14-2. new section :—

142. When an instrument is marked by stamping'oi

the Commissioner as duly stamped, as fully

stamped, or as sufficiently stamped, a pur-uf uu.st ox-

chaser or the iLegistrar-Gcneral shall not by

rc'ason only of the staru[) borne by the instru

ment or of its being so marked as aforesaid be

deemed to have notice of any trust or of any

written contract of sale or otlu'r document

alfecting the title of the property to which the

instrument refers.

1 6 . The Acts mentioned in the Schedule to this Actia-poaU.

are, to the extent therein indicated, hereby repealed, but such repeal shall be Avithoiit prejudice to the past operation of anything in the said Acts.

S C H E D U L E .

358 Narrabri KospUal Site Act.

George 7,

No. 32.

Sec. !ti

Nu. <'f Act,

Slinlt t itlf.

] ' \ l e n t cif ro]}eal.

191o Xo. 57 ... I'inaiii.'i I'ax.-itioii .\.ct, IMla .'<('tt’on l-">.

1915 X'o. I'lO

...

I' i iiaiai '

Taxalai i i

^la.M ia'i'-

.^cati ms 5 aivl (a

iiK lit Aat. I’.n.'i.

1990 Xo.

...

!o' ikii iakiasTa.xat ion(AincuiI-

.Sections 4- ami

ineiit j Act,

I ki ’n.

1992 X'o. 90

... Staiiiji l ) ul i 'a (A nieiulnii nk) .Sei.-tion 5.

A r t ,

1999.

■