F.A. 1928, s. 31.

58 & 59 Vict.
>. 16.

dw. 5

ry

814 SECRETARIAL PRACTICE
the stamp duty chargeable in respect of that capital, be treated as
being reduced by either—

(i) an amount equal to the amount of the share capital of the
existing company in respect of which stamp duty has been
paid, or, in the case of the acquisition of a part of an
undertaking, equal to such proportion of the said share
capital as the value of that part of the undertaking bears
to the whole value of the undertaking; or
the amount to be credited as paid up on the shares to be
issued as such consideration as aforesaid, gud on the shaves,
if any, to be issued to creditors of the existing company in
consideration of the velease of debts (whether secured ov un-
secured) due ov accruing due to them from the existing company
or of the assignment of such debts to the transferee company,

whichever amount is the less; and

(B) Stamp duty under the heading ‘ Conveyance or Transfer on

Sale’ in the First Schedule to the Stamp Act, 1891, shall not be
chargeable on any instrument made for the purposes of or in
connection with the transfer of the undertaking or shares, or on
any instrument made, for the purposes of ov in connection with the
assignment to the tramsfevee company of any debts, secuved ov
unsecured of the existing company, nor shall any such duty be
chargeable under section twelve of the Finance Act, 1895, on a
copy of any Act of Parliament, or on any instrument vesting, or
relating to the vesting of, the undertaking or shares in the trans-
feree company:

Provided that—

(@) mo such instrument shall be deemed to be duly stamped
unless either it is stamped with the duty to which it would
but for this section be liable or it has in accordance with
the provisions of section twelve of the Stamp Act, 1891,
been stamped with a particular stamp denoting either that
it is not chargeable with any duty or that it is dulv stamped
and
in the case of an instrument made for the purposes of or in
connection with a transfer to a company within the mean-
ing of the Companies (Consolidation) Act, 1908, the
provisions of paragraph (B) of this subsection shall not
apply unless the instrument is either—
(i) executed within a period of twelve months from the

date of the registration of the transferee company or
the date of the resolution for the increase of the nominal
share capital of the transferee company, as the case
may be; or

made for the purpose of effecting a conveyance or
transfer in pursuance of an agreement which has been
filed, or particulars of which have been filed, with the
registrar of companies within the said period of twelve
months; and (c) the foregoing provision with respect to