Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXIX. Stamp duties

Collection:: Economics Books

STAMP DUTIES 363 the latter case that an argument that a security of a kind that can be described as marketable involves hypothecation of property as security for the debt for which it is issued is not tenable. It has also been held that the deposit of an anregistered debenture sealed in blank without name or date to secure a temporary loan is an issue of the debenture [Lyons v. The Tramways Syndicate, Limited (1906), 2 Ch. 216]. Questions have also arisen as to what amounts to an issue in this country. The principal cases on this subject are the Chicago Railway Terminal Elevator Company v. The Com- missioners of Inland Revenue, 75 L.T.R. 572, decided in 1896, and Brown v. The Commussioners of Inland Revenue, 84 L.T.R. 71, decided in 1900; but the decisions in both cases were upon the special facts and circumstances ap- plicable thereto, and it is hardly necessary, therefore, to dwell upon them. In considering the charge of duty at the lower rate ap- plicable to securities given in substitution for like securities, it is necessary to determine whether a reduced rate applies, and in that case all the circumstances should be taken into account: e.g. whether the security is exchanged for one given by a different person and probably secured on different property [Mount Lyell Mining and Railway Co., Limited, v. Inland Revenue (1905), 1 K.B. 161]; and obviously deben- tures issued by a company in exchange for debentures of another company are not within the lower rate of charge. Another point with reference to marketable securities which it is important to bear in mind is that a marketable security is defined by s. 122 of the Act of 1891 as meaning ‘a security of such a description as to be capable of being sold in any stock market in the United Kingdom.” This defini- tion was considered in 1888 in a case arising in Scotland (Texas Land and Cattle Company v. Inland Revenue, 16, Rettie 6g], and Lord Shand, in the course of his judgment, said: ‘It seems to me that the true interpretation of the clause must be to include, as marketable securities, all securities of such a description as to be capable according to the use and practice of stock markets of being there bought or sold.’ This interpretation was adopted in 1895 by the Court of Appeal in England in the case of Brown, Shipley & Co v. The Commissioners of Inland Revenue (1895), 2 U EF 598, and accordingly it is not necessary that there shouid Lc anv quotation of the security in an official list. S. 75 of the Companies Act, 1929, enables a company to Debentures redeem and re-issue debentures of the company under certain redeemed circumstances; but it is expressly provided that the re-issue jssued. Definition of Marketable Security.

Access restriction

Copyright

fullscreen: Secretarial practice

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation