Secretarial practice

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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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXIX. Stamp duties

Collection:: Economics Books

354 SECRETARIAL PRACTICE instruments first executed abroad which may be stamped without penalty at any time within thirty days after being first received in the United Kingdom. The rules on this subject are set forth in s. 15 of the Stamp Act, 1891, as amended by s. 15 of the Finance Act, 1895. As regards instruments not attracting ad valorem duty the waiver of a penalty in case the documents are not stamped within the periods above mentioned is at the discretion of the commissioners. Dealing with the subject of the charge of stamp duties with which secretaries of companies are more immediately concerned, it may be well considered that the first in im- portance of these duties as affecting secretaries of companies is that which must be paid on the registration of a company. These duties affect the memorandum and articles of asso- ciation and the capital of the company. Memo- The Companies Act, 1929, provides in s. 3 that the memo- anit aga randum of association, and in s. g that the articles of associa- Association tion, shall in each case bear the same stamp duty as if it were "a deed. This duty is 10s. Capital Duty. The duty on the capital of a company was first charged in 1888, and was confined to share capital. It was extended in 1899 to loan capital. The principal enactments now existing as respects share capital are contained in ss. 112 and 113 of the Stamp Act, 1891. Of these sections the first relates to the capital of companies registered with limited liability under the Com- panies Acts, and the second, as amended by s. 12 of the Finance Act, 1896, relates to the capital of every other corporation or company where the liability of the shareholders is limited. The liability to duty extends in both cases to any increase of the authorised capital, and the duty now payable is charged at the rate of £1 per cent. by s. 39 of the Finance Act, 1920. The duty is payable upon a statement of the amount of the nominal share capital. The expression ‘nominal share capital’ was held in 1893 {4.-G. v. Milford Docks Co., 69 L.T.R. 453] to mean the capital of the share- holders, whether divided into shares or stock, as distin- guished from borrowed capital. The increase of registered capital means an increase of the maximum amount of capital which a company has power to issue, and if a resolution is passed for an increase to a particular sum the duty is payable immediately on this sum, although at the time of the passing of the resolution the issue of a portion of this increase is alone contemplated. The position in this matter is clearly defined in a case [A.-G. v. Anglo-Argentine Tramway Co. Share Capital.

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