Other proposed' amendments are as follow:
Exemption (b) to heading No. 13 in the schedule to the principal Ordinance exempts "trust receipts given to a banker." The intention evidently was to exempt such documents: from stamp duty altogether, but, it has been suggested that it might be arguable that trust receipt-given to a banker, while not liable to duty as a declaration of trust, is liable to duty as a mortgage, under the provisions of section 8 (3) which lays down that an instrument which is chargeable under more than one heading in the schedule shall be charged under that heading which imposes the highest duty. Section 3 of thi Ordinance accordingly adds to definition of the term "mortgage' words which exclude from the meal ing of that term "trust receipts given to a banker.
Heading No. 24 in the schedule to the principal Ordinance, deals with the stamp duty on leases, does not provide for the ease wiiers the term of the lease is indefinite. Section 10 of this Ordinance suppl! this omission Heading No. 24. in the schedule to the principal Ordinance is open to another objection also, in that it makes the stamp duty on the sur? render or a lease the same as the duty on the lease. This seems 1 be inequitable and might work considerable hardship in some cases. Apparently in England the stamp duty would be only the ordinary deed stamp of 10s. section AL of this Ordinance makes the stamp duty on surrender of a leave the same duty as would be payable on a lease for the residue of the term surrendered, and consider: tion for surrender being regarded as Heading No. 20 in the schedi the Stamp Ordinarce makes the stamp duty on any additional or substituted security 10 cents. for every $100 of the principal sum secured. This seems unnecessarily heavy, as the value'of any addition al security might be quite small i comparison with the total sum secured. Accordingly section 12 this- Ordinance provides that the duty in such a case shall be 10 cents for every $100 of the value of the additional or substituted security. Section 12 also - alters the Tanguage of the second column of sub-heading which left someing to be desired.
Text read from the printed page and cleaned; old type leaves the occasional error.