STAMP DUTIES 
357 
of the converted and consolidated capital, duty on so 
much of the loan capital converted or consolidated as is 
shown to the satisfaction of the Commissioners of Inland 
Revenue to have been included in the first statement shall 
be repayable at 2s. per cent. 
The instruments next in importance to secretaries of 
companies are the instruments in use in connection with the 
business of the company. 
An agreement executed under the seal of a company, which 
is not otherwise charged with stamp duty, is chargeable in 
England with the fixed duty of 10s., but in Scotland is charge- 
able with the duty of 64., unless it contains a clause of registra- 
tion. 
It is not, however, necessary that all agreements with a 
company should be under the seal of the company, as the 
Companies Act, 1929, provides in s. 29 (1) that ‘a contract 
which, if made between private persons would be by law 
required to be in writing signed by the parties to be charged 
therewith, may be made on behalf of the company in writing 
signed by any person acting under its authority, express or 
mplied’ and such a contract may in the same manner be 
varied or discharged [s. 29 (3)]. A contract by a company 
made as provided by this section, being merely an agreement 
under the hand of an officer of the company is charged with the 
stamp duty of 6d. only. This duty may be denoted by an 
adhesive stamp, and there are five exemptions from the duty 
of which the first three are important, and are (1) when the 
matter of the agreement is not of the value of £5; (2) when 
it is for the hire of a labourer, artificer, manufacturer, or 
menial servant; and (3) when it is for or relating to the sale 
of goods, wares, or merchandise. 
The duty on letters of allotment and letters of renunciation Letters of 
or any other document having the effect of a letter of allot- Allotment. 
ment of shares or loans is 1d. where the nominal amount 
allotted is less than £5, and 6d. in other cases. A separate 
duty is chargeable in respect of letters of allotment and letters 
of renunciation although contained in the same instrument. 
The duty on a letter of renunciation, whether charged with 
td. or 6d., may be denoted by an adhesive stamp; but im- 
pressed stamps are necessary in the case of any other of 
these documents, and the stamp must be impressed before 
signature. 
The duty on an affidavit or statutory declaration is 2s. 64. Affidavits 
There are six exemptions from this duty, but the only exemp- and 
tion which is important to secretaries of companies is the Staosiory 
Exemption No. 2, which, as amended bv s. 6 of the Finance ’