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APPENDIX.

THE STAMP ACT, 1870.

(33 & 34 Vict. c. 97.) Sect. 97, SUB-SECT. 3, OF THE BILLS OF EXCHANGE Act, 1882,

SAVES THE STAMP ACTS.

An Act for granting certain Stamp Duties in lieu of

duties of the same kind now payable under various Acts, and consolidating and amending provisions

relating thereto. SS. 7, 11, 15.

[10th August, 1870.] How instru- 7.-(1.) Every instrument written upon stamped material is to be ments are to

written in such manner, and every instrument partly or wholly written be written and stamped. before being stamped is to be so stamped, that the stamp may appear

on the face of the instrument, and cannot be used for or applied to any other instrument written upon the same piece of material.

(2.) If more than one instrument be written upon the same piece of material, every one of such instruments is to be separately and dis

tinctly'stamped with the duty with which it is chargeable. Money in 11.—Where an instrument is chargeable with ad valorem duty in foreign or colonial

respect of any money in foreign or Colonial currency, such duty shall currency to be be calculated on the value of such money in British currency according valued. to the current rate of exchange on the day of the date of the instru

ment.

Terms upon which instru. ments may be stamped after execution.

15.-(1.) Except where express provision to the contrary is made by this or any other Act, any unstamped or insufficiently stamped instrument may be stamped after the execution thereof on payment of the unpaid duty and a penalty of ten pounds, and also by way of further penalty, where the unpaid duty exceeds ten pounds of interest on such duty, at the rate of five pounds per centum per annum, from the day upon which the instrument was first executed up to the time when such interest is equal in amount to the unpaid duty.

And the payment of any penalty or penalties is to be denoted on the instrument by a particular stamp.

(2) Provided as follows:

SS. 15, 17, 23,

24. (a) Any unstamped or insufficiently stamped instrument, which

has been first executed at any place out of the United Kingdom, Terms upon may be stamped at any time within two months after it has which instrubeen first received in the United Kingdom, on payment of the

ments may be

stamped after unpaid duty only :

execution. (6) The Commissioners may, if they think fit, at any time within

twelve months after the first execution of any instrument,

remit the penalty or penalties, or any part thereof. 17.—Save and except as aforesaid, no instrument executed in any Instrument pot part of the United Kingdom, or relating, wheresoever executed, to any inadmissible. property situate, or to any matter or thing done or to be done, in any part of the United Kingdom, shall, except in criminal proceedings, be pleaded or given in evidence, or admitted to be good, useful, or available in law or equity, unless it is duly stamped in accordance with the law in force at the time when it was first executed.

23.-Except where express provision is made to the contrary, all How duties to duties are to be denoted by impressed stamps only.

be denoted. 24.-(1.) an instrument, the duty upon which is required, or General direcpermitted by law, to be denoted by an adhesive stamp, is not to be tion as to the deemed duly stamped (a). with an adhesive stamp unless the person adhesive

cancellation of required by law to cancel such adhesive stamp cancels the same by stamps. writing on or across the stamp his name or initials, or the name or initials of his firm, together with the true date of his so writing, so that the stamp may be effectually cancelled (6), and rendered incapable of being used for any other instrument, or unless it is otherwise proved that the stamp appearing on the instrument was affixed thereto at the

proper time.

(2.) Every person who, being required by law to cancel an adhesive Penalty for stamp, wilfully neglects or resuses duly and effectually to do so in neglect or remanner aforesaid, shall forfeit the sum of ten pounds (c).

fusal, £10. (a) The presumption is in favour of the bills having been duly stamped at the proper time, Bradlaugh v. Ne Rin, L. R. 3 C. P. 286. See sect. 54, note (a) post.

(6) The cancellation may be done by a stamping machine ; the stamp may be cancelled at any time before verdict, even in open court ; Viale v. Michael, 30 L. T. N. S. 463. See Pooley v. Brown, 11.C. B. N. S. 566; 31 L. J. C. P. 134, cited in sect. 54, post.

(c) By the Revenue, &c., Act, 1882 (45 & 46 Vict. c. 72), it is further enacted :

Sect. 14. (1.) Where two or more adhesive stamps are used to denote a stamp duty upon an instrument, such instrument is not to be deemed duly stamped unless the person upon whom the duty of cancellation is by law imposed cancels each or every stamp by writing on or aeross

M

SS. 24, 45, 46, the same his name or initials, or the name or initials of his firm,

47, 48. together with the true date of his so writing, so that both or all and General direc- every of the stamps may be effectually cancelled and rendered tion as to the incapable of being used for any other instrument, or for any postal cancellation of

purpose, or unless it is otherwise proved that the stamps appearing on adhesive stamps.

the instrument were affixed thereto at the proper time.

(2.) If any person contravenes this section, he shall incur the

penalty imposed by sect. 24 of the Stamp Act, 1870. Interpretation 45.—The term“ banker” means and includes any corporation, society, of terms.

partnership, and persons, and every individual person carrying on the
business of banking in the United Kingdom.
The term “ bank note” means and includes:
(1.) Any bill of exchange or promissory note issued by any banker,

other than the Governor and Company of the Bank of England,
for the payment of money not exceeding one hundred pounds to

the bearer on demand : (2.) Any bill of exchange or promissory note so issued which

entitles or is intended to entitle the bearer or holder thereof, without indorsement, or without any further or other indorsement than may be thereon at the time of the issuing thereof, to the payment of money not exceeding one hundred pounds on demand, whether the same be so expressed or not, and in whatever form, and by whomsoever such bill or note is drawn

or made. Bank notes 46.-A bank note issued duly stamped, or issued unstamped by a may be re

banker duly licensed or otherwise authorised to issue unstamped bank issued.

notes, may be from time to time re-issued without being liable to any

stamp duty by reason of such re-issuing. Penalty for 47.—(1.) If any banker, not being duly licensed or otherwise issuing an un- authorised to issue unstamped bank notes, issues, or causes or permits stamped bank note, £50.

to be issued, any bank note not being duly stamped, he shall forfeit

the sum of fifty pounds. For receiving, (2.) If any person receives or takes any such bank note in payment £20.

or as a security, knowing the same to have been issued unstamped

contrary to law, he shall forfeit the sum of twenty pounds. Interpretation

48.-(1.) The term “ bill of exchange” for the purposes of this Act of term “ bill

includes also draft, order, cheque (a), and letter of credit, and any of exchange."

document or writing (except a bank note) entitling or purporting to entitle any person, whether named therein or not, to payment by any other person of, or to draw upon any other person for, any sum of money therein mentioned.

(2.) An order for the payment of any sum of money by a bill of exchange or promissory note, or for the delivery of any bill of exchange or promissory note in satisfaction of any sum of money, or for the

of

payment of any sum of money out of any par ular fund which may or SS. 48, 49, 50, may not be available, or upon any condition or contingency which may

51. or may not be performed or happen, is to be deemed for the purposes

of

Interpretation this Act a bill of exchange for the payment of money on demand (b). of term “bill

(3.) An order for the payment of any sum of money weekly, of exchange." monthly, or at any other stated periods, and also any order for the payment by any person at any time after the date thereof of any sum of money, and sent or delivered by the person making the same to the person by whom the payment is to be made, and not to the person to whom the payment is to be made, or to any person on his behalf, is to be deemed for the purposes of this Act a bill of exchange for the payment of money on demand.

(a) A cheque may be post-dated ; Bills of Exchange Act, 1882, sect. 13, sub-sect. 2. A cheque with a penny stamp, post-dated, is admissible in evidence in an action brought by the holder, though he took it with knowledge of the post-dating ; Gatty v. Fry, 2 E.. D. 265; 46 L. J. Ex. 605; 36 L. T. N. S. 182 ; 25 W. R. 305.

(b) A letter in these words: I hereby assign to R. & Son the sum £40, or any other sum now due, or that may hereafter become due in respect of the steam ech,” &c., has been held to be an assignment of a debt, and not an order for the payment of money within this section, Buck v. Robson, 3 Q. B. D. 686 ; 48 L. J. Q. B. 250 ; 39 L. T. N. S. 325 ; 26 W. R. 804; see also Brice v. Bannister, 3 Q. B. D. 569, where it appears to have been assumed on all hands that subject to the disputed question as to how far the defendant was entitled to set off the advances subsequently made by him to the assignor, the effect of the instrument was as between the builder and the defendant to all intents and purposes an assignment of the debt. Buck v. Robson was followed in Fisher v. Calvert, 27 W. R. 301, per Jessel, M.R., overruling, Ex parte Shellard, In re Adams, L. R. 17 Eq. 109; 22 W. R. 152.

49. (1.) The term “promissory note means and includes any Interpretation document or writing (except a bank note) containing a promise to pay

of term “pro

missory note." any sum of money.

(2.) A note promising the payment of any sum of money out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or happen, is to be deemed for the purposes of this Act a promissory note for the said sum of money (a).

(a) “I, D., promise to pay Y. on his signing a lease of the Castle Hotel £150,” is a note within this section, and cannot be stamped, by s. 53, after execution as an agreement, Yeo v. Dawe, 32 W. R. 203.

50. The fixed duty of one penny on a bill of exchange for the The fixed duty payment of money on demand may be denoted by an adhesive stamp, may be denoted which is to be cancelled by the person by whom the bill is signed

by adhesive

stamp before he delivers it out of his hands, custody, or power.

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SS. 51, 52, 53, 61. (1.) The ad valorem duties upon bills of exchange and pro54.

missory notes drawn or made out of the United Kingdom are to be Ad valorem

denoted by adhesive stamps. duties to be de. (2.) Every person into whose hands any such bill or note comes in noted in certain the United Kingdom before it is stamped shall, before he presents for cases by adhesive stamps.

payment, or indorses, transfers, or in any manner negotiates, or pays such bill or note, affix thereto a proper adhesive stamp or proper adhesive

stamps of sufficient amount, and cancel every stamp so affixed thereto. Provisoes for (3.) Provided as follows : the protection of bonâ fide

(a) If at the time when any such bill or note comes into the holders.

hands of any bonâ fide holder thereof there is affixed thereto an adhesive stamp effectually obliterated, and purporting and appearing to be duly cancelled, such stamp shall, so far as relates to such holder, be deemed to be duly cancelled, although it may not appear to have been so affixed or cancelled

by the proper person. (6) If at the time when any such bill or note comes into the

hands of any bonâ fide holder thereof there is affixed thereto an adhesive stamp not duly cancelled, it shall be competent for such holder to cancel such stamp as if he were the person by whom it was affixed, and upon his so doing such bill or note shall be deemed duly stamped, and as valid and available as if the stamp had been duly cancelled by the person by whom

it was affixed. Not to relieve (4.) But neither of the foregoing provisoes is to relieve any person from

any penalty incurred by him for not cancelling any adhesive stamp. person, Bills and notes 52. A bill of exchange or promissory note purporting to be drawn purporting to

or made out of the United Kingdom is, for the purposes of this Act, be drawn, &c., abroad, to be

to be deemed to have been so drawn or made, although it may in fact deemed to have been drawn or made within the United Kingdom. have been so drawn, &c. 53. (1.) Where a bill of exchange or promissory note bas been

written on material bearing an impressed stamp of sufficient amount which bills and notes may be

but of improper denomination, it may be stamped with the proper stamped after stamp on payment of the duty, and a penalty of forty shillings if the execution. bill or note be not then payable according to its tenour, and of ten

pounds if the same be so payable.

(2.) Except as aforesaid, no bill of exchange or promissory note shall

be stamped with an impressed stamp after execution thereof. Penalty for 54. (1.) Every person who issues, indorses, transfers, negotiates, issuing, &c.,

presents for payment, or pays any bill of exchange or promissory note any unsrajaped bill or pote,

liable to duty and not being duly stamped (a), shall forfeit the sum of £10; and the ten pounds, and the person who takes or receives from any other person bill or note to

such bill or note not being duly stamped, either in payment or as be unavailable.

any
a security, or by purchase or otherwise, shall not be entitled to recover
thereon, or to make the same available for any purpose whatever (b).

any other

Terms upon

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