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

376 SECRETARIAL PRACTICE Adjudication Stamp. consideration, whilst if the transfer is made by way of gift inter vivos the ad valorem duty is payable on the value of the property transferred. In the case of Maynard v. The Consolidated Kent Collieries Corporation, Lid. [(1903), 2 K.B. 121, it was held that for the purpose of determining whether a transfer on a sale of shares presented to a company for registration was duly stamped the directors were entitled to go behind that which appeared on the face of the document so as to ascertain whether the consideration stated therein, and in respect of which the transfer was duly stamped, was less than the actual consideration which had been given, and that unless they were satisfied as to the sufficiency of the duty paid the directors were entitled to refuse regis- tration. A similar refusal on the same grounds was upheld in a previous case [Flessig v. Harmony Proprietary Company, Lid.], which came before Mr. Justice Kekewich on January 18, 1899. It is provided by sub-s. (2) of s. 74 of the Finance (1909-10) Act, 1910, that no transfer made by way of gift inter vivos shall be deemed to be duly stamped unless an adjudication stamp has been obtained, and accordingly the secretary or registering officer of a company is in a position to refuse to register such a transfer unless it bears an adjudication stamp; but if the transfer is stamped with ad valorem duty upon the market value of the shares or stock or securities transferred, there will be practically no risk in accepting the transfer for registration without the adjudication stamp being impressed thereon, and the Commissioners of Inland Revenue have by notice definitely stated that they will not object if registering officers think fit to register transfers of stock or marketable securities which admittedly operate as voluntary dispositions -¢nfer vivos and are stamped with ad valorem duty upon the market value of the stock or securities at the date of the instrument without insisting upon ad- judication. It will be open to the registering officer to obtain the adjudication stamp subsequently if any necessity for this course should arise; but such a necessity could hardly arise unless the production of the transfer were required as evidence before a Court in some civil proceeding. It is by no means easy for a registering officer to determine the particular circumstances under which a transfer is made; but where a transfer is made for a nominal consideration, he should require information to be given to him as to the facts relating to the transaction, and if the information is not furnished, or is not sufficient to enable him to satisfy himself as to the proper stamp duty, he should refuse to

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