STAMP DUTIES

377

register the transfer until it bears the adjudication stamp,
or an indication showing that the Commissioners of Inland
Revenue have been satisfied is produced by the words
Transfer passed for 10s.,’” with the signature of an officer of
the Commissioners, and the stamp of his office, appearing
upon a written explanation furnished to that officer which
should be retained. If the information is furnished to the
registering officer and is to the effect that the transfer was
made by way of security for a loan, or on a re-transfer on
repayment of a loan, or to mere nominees of the transferor
where no beneficial interest passed, he should ask for a
certificate setting forth the facts, and signed by the parties,
or by the agent of one or both, being a solicitor or a member
of a stock exchange, or a banker.

In the case of a transfer to or by a bank, or its official
nominee, a certificate signed by the proper representative
of the bank to the effect that ‘the transfer is excepted from
5. 74 of the Finance (19og-10) Act, 1910, and is duly stamped’
may be regarded as sufficient.

Although there is not any provision affecting the secretary
of a company, it is considered that the fact that the stamp
on a transfer is 10s. only is not to be regarded as necessarily
implying notice of a trust, and reference may be made to
s. 112 of the Law of Property Act, 1925, relating to the position
of a purchaser in this matter. This section provides that
where on a transfer of a mortgage the stamp duty if payable
according to the amount of the debt transferred would
exceed the sum of 10s., a purchaser shall not by reason only
of the transfer bearing a 10s. stamp be deemed to have or
have had any notice of a trust.

I'he secretary of a company carrying on the business of
life insurance should take care that no payment is made to
the assignee of a life policy unless the assignment is duly
stamped, as if such a payment is made, the duty not paid,
together with the penalty payable on stamping, becomes
under s. 118 of the Act of 1891 a debt due from the company to
the Crown.

5. 42 of the Companies Act, 1929, requires that the com-
pany shall deliver to the Registrar of Companies for regis-
tration in the case of shares allotted as fully or partly paid up
otherwise than in cash, a contract in writing constituting
the title of the allottee to the allotment, together with any
contract of sale or for services or other consideration in
respect of which that allotment was made, such contract
being duly stamped, or if the contract is not reduced to
writing, the particulars of the contract stamped with the

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