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Bills and notes purporting to be drawn, &c., abroad, to be

deemed to have been so drawn,

&c.

Penalty for

or bill Ten pounds, and the

The Stamp Act, 1882

39. A bill of exchange or promissory note purporting to be drawn or made out of Western Australia is, for the purposes of this Act, to be deemed to have been so drawn or made, although in fact it may have been drawn or made within Western Australia.

40. (1) Every person who draws, makes, issues, endorses, transfers, issuing, &c., any negotiates, presents for payment, or pays any bill of exchange or unstamped note promissory note liable to duty and not being duly stamped, shall forfeit a sum not exceeding Ten pounds, and the person who takes or receives from any other person any such bill or note not being duly stamped either in payment, or as a security, or by purchase or otherwise, shall not be entitled to recover thereon or to make the same available for any purpose whatever.

bill or note to be unavailable

Proviso as to the fixed duty

Not to relieve from penalty

A bill of exchange bearing sufficient stamps,

in the hands of a bond fide holder,

to be deemed duly stamped

Stamp upon a

bill of exchange

(2) Provided that if any bill of exchange for the payment of money on demand, liable only to the duty of one penny, is presented for payment unstamped, the person to whom it is so presented may affix thereto a proper adhesive stamp, and cancel the same, as if he had been the drawer of the bill, and may, upon so doing, pay the sum in the bill mentioned and charge the duty in account against the person by whom the bill was drawn or deduct such duty from the said sum, and such bill is, so far as respects the duty, to be deemed good and valid.

(3) Every banker into whose hands any bill of exchange or promissory note, other than a bill of exchange or promissory note payable upon demand, comes before it is stamped, may, before he pays or negotiates such bill or note, affix thereto a proper adhesive stamp or stamps of sufficient amount, and cancel every stamp affixed thereto, and may, upon so doing, pay the sum in such bill or note mentioned and charge the duty in account against the person from whom he receives such bill or note, or deduct such duty from the said sum, and such bill or note shall, so far as respects the duty, be deemed good and valid.

(4) But neither of the foregoing provisoes is to relieve any person from any penalty he may have incurred in relation to such bill or note.

(5) Provided also that if at the time when any bill of exchange or promissory note comes into the hands of any bona fide holder thereof, there shall be affixed thereto a proper adhesive stamp or stamps of sufficient amount effectually obliterated and purporting and appearing to be duly cancelled, such bill of exchange or promissory note shall, so far as relates to such holder, be deemed to be duly stamped:

(6) But the foregoing proviso is not to relieve any person from any penalty he may have incurred in relation to such bill or promissory

note.

41. Notwithstanding anything to the contrary in this Act contained, may be cancelled the stamp or stamps upon any bill of exchange or promissory note shall be deemed to be duly cancelled if such stamp or stamps shall be cancelled in the manner prescribed by this Act, by any party or parties to such bill or note.

by any party thereto

One bill only out

of a set need be stamped

42. When an instrument is drawn in a set according to the custom of merchants, and one of the set is duly stamped, the other or others

The Stamp Act, 1882

of the set shall, unless issued or in some manner negotiated apart from such duly stamped instrument, be exempt from duty; and upon proof of the loss or destruction of a duly stamped instrument forming one of a set, any other instrument of the set which has not been issued or in any manner negotiated apart from such lost or destroyed instrument may, although unstamped, be admitted as evidence to prove the contents of such lost or destroyed instrument.

43. (1) A bill of lading is not to be stamped after the execution Bills of lading thereof.

(2) Every person who makes or executes any bill of lading not duly stamped shall forfeit a sum not exceeding Twenty-five pounds.

44. A copy of a bill of sale shall not be filed in the Supreme Bills of sale Court unless the original, duly stamped, is produced to the proper officer.

45. The term 'conveyance on sale' includes every instrument, and As to convey. every decree or order of any court or of the Commissioner of Titles, ances on sale Interpretation of whereby any property upon the sale thereof is legally or equitably term transferred to or vested in the purchaser or any other person on his behalf or by his direction: and also a transfer or assignment of a lease of any lands.

46. (1) Where the consideration or any part of the consideration for a conveyance on sale consists of any stock or marketable security, such conveyance is to be charged with ad valorem duty in respect of the value of such stock or security.

(2) Where the consideration or any part of the consideration for a conveyance on sale consists of any security not being a marketable security, such conveyance is to be charged with ad valorem duty in respect of the amount due on the day of the date thereof for principal and interest upon such security.

47. (1) Where the consideration or any part of the consideration for a conveyance on sale consists of money payable periodically for a definite period so that the total amount to be paid can be previously ascertained, such conveyance is to be charged in respect of such consideration with ad valorem duty on such total amount.

(2) Where the consideration or any part of the consideration for a conveyance on sale consists of money payable periodically in perpetuity or for any indefinite period not terminable with life, such conveyance is to be charged in respect of such consideration with ad valorem duty on the total amount which will or may according to the terms of sale be payable during the period of twenty years next after the day of the date of such instrument.

(8) Where the consideration or any part of the consideration for a conveyance on sale consists of money payable periodically during any life or lives, such conveyance is to be charged in respect of such consideration with ad valorem duty on the amount which will or may according to the terms of sale be payable during the period of twelve years next after the day of the date of such instru

ment.

How ad valorem duty to be calcu of stock and

lated in respect

securities

How considera

tions, consisting of periodical

payments, to be

charged

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The Stamp Act, 1882

(4) Provided that no conveyance on sale chargeable with ad valorem duty in respect of any periodical payments, and containing also provision for securing such periodical payments, is to be charged with any duty whatsoever in respect of such provision, and no separate instrument made in any such case for securing such periodical payments is to be charged with any higher duty than ten shillings.

48. Where any property is conveyed to any person in consideration, wholly or in part, of any debt due to him or subject either certainly or contingently to the payment or transfer of any money or stock, whether being or constituting a charge or incumbrance upon the property or not, such debt, money, or stock is to be deemed the whole or part, as the case may be, of the consideration in respect whereof the conveyance is chargeable with ad valorem duty.

49. (1) Where any property has been contracted to be sold for one consideration for the whole, and is conveyed to the purchaser in separate parts or parcels by different instruments, the consideration is to be apportioned in such manner as the parties think fit, so that a distinct consideration for each separate part or parcel is set forth in the conveyance relating thereto, and such conveyance is to be charged with ad valorem duty in respect of such distinct consideration.

(2) Where property contracted to be purchased' for one consideration for the whole by two or more persons jointly, or by any person for himself and others, or wholly for others, is conveyed in parts or parcels by separate instruments to the persons by or for whom the same was purchased for distinct parts of the consideration, the conveyance of each separate part or parcel is to be charged with ad valorem duty in respect of the distinct part of the consideration therein specified.

(8) Where a person having contracted for the purchase of any property, but not having obtained a conveyance thereof, contracts to sell the same to any other person, and the property is in consequence conveyed immediately to the sub-purchaser, the conveyance is to be charged with ad valorem duty in respect of the consideration for the sale by the original purchaser to the sub-purchaser.

(4) Where a person having contracted for the purchase of any property, but not having obtained a conveyance, contracts to sell the whole or any part or parts thereof to any other person or persons, and the property is in consequence conveyed by the original seller to different persons in parts or parcels, the conveyance of each part or parcel is to be charged with ad valorem duty in respect only of the consideration moving from the sub-purchaser thereof, without regard to the amount or value of the original consideration.

(5) Where a sub-purchaser takes an actual conveyance of the interest of the person immediately selling to him, which is chargeable with ad valorem duty in respect of the consideration moving from him, and is duly stamped accordingly, any conveyance to be afterwards made to him of the said property by the original seller shall be exempt from the said ad valorem duty, and chargeable only with the duty to which it may be liable under any general description, but such last-mentioned duty shall not exceed the ad valorem duty.

The Stamp Act, 1882

50. Where upon the sale of any annuity or other right not before in existence, such annuity or other right is not created by actual grant or conveyance, but is only secured by bond, warrant of attorney, covenant, contract, or otherwise, the bond or other instrument, or some one of such instruments, if there be more than one, is to be charged with the same duty as an actual grant or conveyance, and is for all purposes of this Act to be deemed an instrument of conveyance on sale.

51. Where there are several instruments of conveyance for completing the purchaser's title to the property sold, the principal instrument of conveyance only is to be charged with ad valorem duty, and the other instruments are to be respectively charged with such other duty as they may be liable to, but such last-mentioned duty shall not exceed the ad valorem duty payable in respect of the principal instrument. And in all cases the parties may determine for themselves which of several instruments is to be deemed the principal instrument, and may pay the ad valorem duty thereon accordingly.

52. Every instrument, and every decree or order of any court or of the Commissioner of Titles, whereby any property on any occasion, except a sale or mortgage, is transferred to or vested in any person is chargeable with duty as a conveyance or transfer of property; Provided that a conveyance or transfer made for effectuating the appointment of a new trustee is not to be charged with any higher duty than ten shillings.

53. (1) An agreement for a lease, or with respect to the letting of any lands or tenements for any term, is to be charged with the same duty as if it were an actual lease made for the term and consideration mentioned in the agreement.

(2) A lease made subsequently to and in conformity with such an agreement duly stamped is to be charged with the duty of sixpence only.

54. (1) Where the consideration or any part of the consideration for which any lease is granted or agreed to be granted does not consist of money, but consists of any produce or other goods, the value of such produce or goods is to be deemed a consideration in respect of which the lease or agreement is chargeable with ad valorem duty. And where it is stipulated that the value of such produce or goods is to amount at least to, or is not to exceed, a given sum, or where the lessee is specially charged with or has the option of paying after, any permanent rate of conversion, the value of such produce or goods is, for the purpose of assessing the ad valorem duty, to be estimated at such given sum or according to such permanent rate.

As to the sale of right not before in existence

an annuity, or

Where several instruments the ment only is to ad valorem duty

be charged with

As to convey. occasion, except sule or mortgage

ances on any

Leases Agreement for any lease to be

charged as a lease

Leases how to be respect of produce, &c.

charged in

(2) A lease or agreement made either entirely or partially for Effect of state any such consideration, if it contains a statement of the value of such ment of value consideration and is stamped in accordance with such statement, is, so far as regards the subject matter of such matter, to be deemed duly stamped, unless or until it is otherwise shown that such statement is incorrect, and that it is in fact not duly stamped.

55. (1) A lease or agreement for a lease, or with respect to any Directions as to letting, is not to be charged with any duty in respect of any penal duty in certain

cases

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As to letters of allotment, scrip certificates, and scrip

As to mortgages, &c.

term

The Stamp Act, 1882

rent or increased rent in the nature of a penal rent thereby reserved or agreed to be reserved or made payable, or by reason of being made in consideration of the surrender or abandonment of any existing lease or agreement of or relating to the same subject matter.

(2) No lease made for any consideration or considerations in respect whereof it is chargeable with ad valorem duty, and in further consideration either of a covenant by the lessee to make, or of his having previously made, any substantial improvement of or addition to the property demised to him, or of any covenant relating to the matter of the lease, is to be charged with any duty in respect of such further consideration.

56. Every person who executes, grants, issues, or delivers out, any document chargeable with duty, as a letter of allotment, or scrip certificate, or scrip, before the same is duly stamped, shall forfeit a sum not exceeding Twenty pounds.

57. The term 'mortgage' means a security by way of mortgage for the payment of any definite and certain sum of money advanced Interpretation of and lent at the time or previously due and owing, or forborne to be paid, being payable, or for the repayment of money to be thereafter lent, advanced, or paid, or which may become due upon an account current together with any sum already advanced or due, or without (as the case may be) and includes

Security for

stock, how to be charged

Any conveyance of lands, estate, or property whatsoever in trust to be sold or otherwise converted into money, intended only as a security, and redeemable before the sale or other disposal thereof either by express stipulation or otherwise, except where such conveyance is made for the benefit of creditors generally, or for the benefit of creditors specified, who accept the provision made for payment of their debts in full satisfaction thereof, or who exceed five in number.

Also any defeasance, declaration, or other instrument for defeating or making redeemable or explaining or qualifying any conveyance or disposition of any lands, estate, or property whatsoever, apparently absolute but intended only as a security.

Also any agreement, contract, or bond accompanied with a deposit of title deeds for making a mortgage, or any such other security or conveyance as aforesaid of any lands, estate, or property comprised in such title deeds, or for pledging or charging the same as a security.

58. A security for the transfer or re-transfer of any stock is to be charged with the same duty as a similar security for a sum of money equal in amount to the value of such stock; and a transfer or assignment of any such security and a reconveyance, release, discharge, or surrender of any such security shall be charged with the same duty as an instrument of the same description relating to a sum of money equal in amount to the value of such stock.

Security for 59. (1) A security for the payment or repayment of money to be future advances lent, advanced, or paid, or which may become due upon an account

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