THE FINANCE ACT.
INTERPRETATION OP A SECTION. By Telegraph.—.Press Assoclawon. Wellington, Last Night. The interpretation of Section 77 of the Finance Act, 1015,, was given by Mr. Justice Chapman at the Supreme Court this afternon, when he delivered judgment in the originating summons brought by the Bank of New Zealand (plaintiff) against the Commissioner of Stamps (defendant), to determine to point. To the first question, his Honor replied in the negative. Further advances made under existing mortagages did not, he held, render such mortagages liablo to duty, and they remained exempt from duty.
To the second question, as a whole, his Honor replied in the affirmative. The effect of his decision is that holders of debentures are liable to duty, but, no time is specified for the collection of such duty.
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Taranaki Daily News, 26 November 1915, Page 4
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131THE FINANCE ACT. Taranaki Daily News, 26 November 1915, Page 4
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