Risks 
Insured 
Without 
Issue of 
Policy. 
Receipts. 
372 
0Q.B., 630; and Mortgage Insurance Corporation, Limited, v 
Inland Revenue, 21 Q.B.D. 352]. The Inland Revenue 
authorities have, however, claimed that a guarantee under 
seal must be stamped as a bond with ad valorem duty on the 
amount guaranteed. It is therefore suggested that with a 
view to preventing such a claim being made such guarantees 
should instead of being given under seal be executed by some 
officer on behalf of the company. To enable this course to be 
adopted it is essential that a resolution should be passed 
expressly authorising the officer in question to execute the 
document. 
The definition of a policy of insurance against accident 
extends to a notice or advertisement in a newspaper or other 
publication which purports to insure the payment of money 
to the holder thereof in circumstances in which a policy, if 
issued, would be a policy chargeable with the fixed duty of 
1d., and it is provided by s. 116 of the Act of 1891 as extended 
by s. 13 of the Finance Act, 1896, and s. 8 of the Finance Act, 
1907, that the penny duty payable on a policy for the like 
purpose may be compounded for under an agreement entered 
into with the Commissioners of Inland Revenue for the 
delivery to them of quarterly accounts of all sums received 
by way of premium and the payment of a duty equal to 5 
per cent. on the aggregate amount of these sums. 
This composition corresponds with a composition allowed 
since 1849 by the private Acts of the Railway Passengers’ 
Assurance Company and the Ocean Accident and Guarantee 
Corporation, Ltd., in respect of risks insured without the issue 
of a formal policy. 
A receipt is defined by s. 101 of the Act of 1891 as including 
‘any note, memorandum, or writing whereby any money 
amounting to £2 or upwards or any bill of exchange or pro- 
missory note for money amounting to fz or upwards is 
acknowledged or expressed to have been received or deposited 
or paid or whereby any debt or demand or any part of a 
debt or demand of the amount of £2 or upwards is acknow- 
ledged to have been settled, satisfied, or discharged, or 
which signifies or imports any such acknowledgment, and 
whether the same is or is not signed with the name of any 
person.’ The section provides that the duty may be denoted 
by an adhesive stamp ‘which is to be cancelled by the person 
by whom the receipt is given before he delivers it out of his 
hands’; and s. 103 provides that ‘if any person (I) gives a 
receipt liable to duty and not duly stamped, or (2) in any case 
where a receipt would be liable to duty refuses to give a 
receipt duly stamped, or (3) upon a payment to the amount of 
SECRETARIAL PRACTICE