THE AMENDED STAMP ACT.

Cromwell Argus, Volume III, Issue 112, 2 January 1872, Page 7

THE AMENDED STAMP ACT.

We are glad to learn that the AttorneyGeneral has expressed a common- sense opinion upon the very absurd and unnecessarily punctilious rule laid down by the new Act regarding the signature and stamping of cheques. The practice (says the Daily Southern Cross) of making use of the signature to a cheque for the purpose of cancelling blie stamp is I open to the grave objection that the stamp is liable to fall off at some future time, and thus leave the cheque without signature, or j with only a very imperfect one. The Commissioner of Stamps has decided that, "As | to stamps on cheques and drains, the additional stamp of one penny whon adhesive, must be cancelled in the manner provided by section 5 or the Act of 18/0 ;" and the op i- ; nion of Mr Whitaker as to the mode of canI cellation is a follows :—" After careful con- | sideration I come to the conclusion that tho I effect of the Act of 1871 is simply to alter | the stamp duty payable on cheques from one i penny to twopence, and to leave the mod) of i cancellation as it stood prior to the passing jof the Act." [n accordance with this ruling | the banks have agreed to ace >pt cheques | bearing on the corner next the block, stamps j cancelled by tho initials of tho drawers and I the date of the using, tin; signature to the j cheque to occupy ir,s usual place without 1 reference to the position of tin; stamps. The following clauses of the new Act are so important to everyone concerned in the sale !or transfer or mining property that we reprint them in full : P. Upon th' 1 s'd > or transfer of any shares' in the stock fail 1:3 or pv iperty of any corporation, eoaviany, or siciety in New Zealand (except where the seme may be exempt from duty I im-lc" the same Act or any Acts amending the same), or on the sale or transfer of any shares in any gold mining claim, or in any other prope"tv hell by virtue of a mine's rgbt or other business license under " The (-told-fields Ae f , IS(5()," or any Acts amending t'ae same, the full purchase money or consideration which shall be directly or indirectly paid or given, or agreed to be paid or given, for the same, shall be trulv expressed an i set forth in or no.m tin l principal or only instrument evidencing such sale or transfer. Audit in any sue'.) case the full purchase muiev or consideration shall not be truly expressed and set forth in the manner hereby directed, the purchaser or purchasers there if shall forfeit the sum of fifty p-mnds, and sh ill also be 'charged end chargeable with and be holden iliable to the payment of five the amount of the excess of duty which would have been payable on such sale or transfer in respect of : he full purchase money or consideration mone", .-.s aforesaid, in case the same had been truly e - ..- presesd in or upon the same, as required by tho Act or any acts amen ling the same, which quintuple shall he deemed nnd taken to be a debt to her' Majesty the Queen, imr heirs nnd successors, from the party or parties respectively herebv male liable to pay the same, and shall and may be sue 1 for and recovered accordingly. If .any party liable to the paynvntof any duty under this section shall give informali.i.j to the Commissioners whereby such penal y or juietiq lo 'duty shall be recovered from any other party liable thereto, the party paving the informati >n shall not only he indemnified an 1 discharged of his liability, but shall be rewarded by tho Commissioners out of the penal y or quintuple duty so recovered, to such ev'eet as the Co nmsisioners miy think proper, but nut exceeiing lone-half of what shall be so recovered; and [where any other person sha!' g vo information ! whereby any sndi penalty or ijuintanle duty shall be rocove-ed, he ohall be rewarded in the like manner. 2'). If anv broke 1 " or other a, jent <"> f nnvne"fon or persons, upmi any such sde r transfer as .*r e-e-'-i hj s l, di make or si .■; i an' .-vmtra't ••" transfer npen which sHem d" v is elnrio.deo, an ' shall insert the-e n auv other ;■ >naiderjiti a th; i :he f ill and i ue >nn; bren'mi therefor in manner re mired ov the last seeti n, he shall he liable to ell' th • ;a-> dth" in i aabiliti"s bv th? In.st «ec'd-n ''Vvk-I m th* pe; • gong therein ■■.■ '. in at litionthereto, shall forfeit all ri rht or cl :.i n to any broke rag ■, c'o amission, or o' lie- r-rti 1 )" .r ■.ti-i > for or in respect of any s-oh «r>'e o" :■ . ns ; "" as aforesaid.''