Stamp Duties (Share Transfer) Amendment Act 1986 (NSW)

S IA M P D l ! ! IKS (SHARE TRANSFER) AMENUIVIKN I AC I

1986 No. 168

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S( HkOM.i; I — WIFNDMIINTS TO TMt STAMP DUTIES A( T

STAMP DUTIES (SHARE TRANSFER) AMENDMENT ACT 1986

No. 168

NEW SOUTH WALES

Act No. 168, 1986

An Act to amend the Stamp Duties Act 1920 in relation to the registration of certain share transfers outside New South Wales. [Assented to 17 December 1986]

2   Act No. 168

Stamp Duties (Share Transfer) Amendment I9S6

BE it enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows;

Short title

1. This Act may be cited as the “Stamp Duties (Share Transfer)

Amendment Act 1986” .

Commencement

2.     This .Act shall be deemed to have commenced on 13 October 1986.

Amendment of Act No. 47, 1920

The Stamp Duties Act 1920 is amended in the manner set forth in

Schedule 1.

Transitional provision

3.

4.     Without affecting any liability to pay duty chargeable under section

96b (2) of the Stamp Duties Act 1920, it shall not be an offence under section 96b (7) of that .Act, as amended by this Act, for a corporation or a company, between 13 October 1986 and the date of assent to this Act. to lodge a return which does not comply with the requirements of section 96b of that Act, as so amended, if the return complies with the requirements of that section as in force immediately before that date of assent.

SCHEDULE 1

(Sec. 3)

AMENDMENTS TO THE STAMP DUTIES ACT 1920

(1) Section 96a (Duty on certain transfers of shares)—

(a)

Section 96a (I)—

Omit “share register”, in.se.rf instead “register of members”.

(b)

Section 96a (2)—

Omit “branch” .

Stamp Duties (Share Transfer) Amendment J986

SCHEDULE \~continued

AMENDMENTS TO THE STAMP DUTIES ACT 1920—continued

(c) Section 96a (2)—

After “New South Wales” where secondly occurring, insert “if, under the law of the place in which the register is kept, the instrument of transfer is required to be retained in that place for a period of not less than 3 years from the date on which the corporation or company registers, records or enters the transfer”.

(2) Section 96b {Share transfers on registers outside New South Wales)—

(a) Section 96b (I)—

Omit the subsection, insert instead:

(1) A corporation or company incorporated in New South Wales that has, outside New South Wales, a register of members shall, at the prescribed lime or, if the regulations so provide, at times directed by the Chief Commissioner, lodge with the Chief Commissioner a return specifying, in relation to an entry in that register of a transfer of shares on which duty is paid which is less than the duty which would have been payable under this Act if the transfer had been executed in New South Wales and had been registered in a register kept in New South Wales under section 256 of the Companies (New South Wales) Code, such particulars and information as may be prescribed.

(b> Section 96b (3)—

Omit “the place where a branch register referred to in subsection (I) of this section is kept”, insert instead “a place outside New

South Wales” .

(c)

Section 96b (5)—

Omit the subsection.

(d)

Section 96b (7)—

Omit “$2,000”, insert instead “$10,000”,

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Stamp Diilics (Share Transfer) Amendment 1986

SCHEDULE \~conlm ued

AMENDMENTS TO THE STAMP DUTIES ACT \92Q— continued

(e)

Section 96b (8), (9)—

After section 96b (7), insert:

(8) In the application of section 127c to a return required to be lodged under this section, section 127c (3) shall be read as if the fine payable as referred to in that subsection were a fine of 100 per cent of the unpaid amount.

(9) In this section, a reference to a register of members kept outside New South Wales by a corporation or company includes a reference to a branch register kept by a company pursuant to section 262 (1) of the Companies (New South Wales) Code.