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

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXIX. Stamp duties

Collection:: Economics Books

STAMP DUTIES 375 Accordingly, when an instrument chargeable with duty is produced to the secretary of a company for any purpose it becomes his duty to ascertain that it is duly stamped before he can regard it as available for the purpose, and if any doubt arises it will rest upon the person producing it to satisfy him that it is duly stamped. In ordinary circum- stances it is not, however, necessary to do more than to see that the instrument when produced appears to be sufficiently stamped, and in the case of a document bearing a proper adhesive stamp the presumption is that the stamp was affixed at the proper time unless the contrary is shown. In any case of doubt the person producing the instrument should be directed to apply to the commissioners of Inland Revenue for the duty to be determined as provided by s. 12 of the Act. The importance of the sub-section to secretaries of companies becomes apparent on a reference to s. 17 of the Act, which is as follows: — If any person whose office it is to enrol, register, or enter in or upon any rolls, books, or records, any instrument chargeable with duty enrols, registers, or enters any such instrument not being duly stamped, he shall incur a fine of £10. The responsibility of a secretary or registering officer of a company in this matter is similar to that of the Registrar of Companies, and it was established in 1888 in the case of R. v. The Registrar of Joint Stock Companies [21 Q.B.D. 131], relating to the refusal of the Registrar to file a contract on the ground that it was insufficiently stamped, that the proper mode of questioning the legality of his refusal was to present the contract for the adjudication of the Commissioners under s. 12 of the Act, and an applica- tion for a mandamus against the Registrar was accordingly refused. In the case of a transfer of shares or stock or marketable securities where a sum less than the market value is shown as the consideration for the transfer, or in the opinion of the secretary or registering officer there is any doubt as to the sufficiency of the stamp thereon, it is desirable that he should require the opinion of the Commissioners of Inland Revenue to be obtained, seeing that if the transfer is made (1) on a sale, (2) in satisfaction in the whole or in part of a pecuniary legacy which is chargeable as on a sale for the amount of the legacy discharged thereby, (3) in liquidation of a debt, or (4) in exchange for other securities, ad valorem duty is in each case payable on the value or agreed value of the

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