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31 1999

STAMP DUTIES CONSOLIDATION ACT, 1999

Chapter 8

Share Warrants and Stock Certificates to Bearer, etc.

Instruments passing by delivery in pursuance of usage.

[FA1899 s6]

64. — For the purposes of this Chapter, an instrument used for the purpose of assigning, transferring, or in any manner negotiating the right to any share or stock shall, if delivery of such share or stock is by usage treated as sufficient for the purpose of a sale on the market, whether that delivery constitutes a legal assignment, transfer, or negotiation or not, be deemed an instrument to bearer and the delivery of such share or stock an assignment, transfer, or negotiation.

Penalty for issuing share warrant not duly stamped.

[SA1891 s107; FA1899 s5(2) (part)]

65. — If a share warrant which is chargeable to stamp duty, or any instrument to bearer having a like effect as such a share warrant, is issued without being duly stamped, the company issuing the same, and also every person who, at the time when it is issued, is the managing director or secretary or other principal officer of the company, shall incur a penalty of £500.

Penalty for issuing stock certificate not duly stamped, etc.

[SA1891 s109; FA1899 s5(2) (part)]

66. —(1) Where the holder of a stock certificate to bearer, or any instrument to bearer having a like effect as such stock certificate to bearer, has been entered on the register of the local authority, or company or body of persons, as the case may be, as the owner of the share of stock described in the certificate, the certificate shall be forthwith cancelled so as to be incapable of being re-issued to any person.

(2) Every person by whom a stock certificate to bearer which is chargeable to stamp duty, or any instrument to bearer having a like effect as such stock certificate to bearer, is issued without being duly stamped shall incur a penalty of £500.