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15 1964



Stamp Duties

Termination of stamp duty on certain instruments.

23. —(1) An instrument referred to under any of the following headings in the First Schedule to the Stamp Act, 1891, shall be exempt from all stamp duties—

(a) Letter of Allotment and Letter of Renunciation, or any other document having the effect of a letter of allotment.

(b) Scrip Certificate, Scrip, or other document.

(c) Letter or Power of Attorney, and Commission, Factory, Mandate, or other instrument in the nature thereof.

(d) Notarial Act.

(e) Protest of any bill of exchange or promissory note.

(f) Voting Paper.

(2) This section shall come into operation on the 1st day of August, 1964, or the date of the passing of this Act, whichever is the later.

Agreement as to stamp duty on certain instruments.

24. —(1) The Revenue Commissioners may, if they in their discretion so think proper, enter into an agreement with any body corporate to which this section applies for the composition, in accordance with the following provisions of this section, of the stamp duty chargeable under the heading “Bill of Exchange or Promissory Note” in the First Schedule to the Stamp Act, 1891, on instruments drawn by the body corporate on their banker on forms provided by themselves.

(2) Any such agreement shall be in such form and on such terms and shall contain such conditions as the Revenue Commissioners think proper and, in particular, the agreement shall require the body corporate to deliver to the Revenue Commissioners periodical accounts in respect of the instruments to which it relates giving particulars of those instruments.

(3) While any such agreement remains in force, any instrument to which it relates and which bears such indication of the payment of stamp duty as the Revenue Commissioners may require shall not be chargeable with stamp duty, but, in lieu thereof and by way of composition, the body corporate who have entered into the agreement shall pay to the Revenue Commissioners, on the delivery of any account under the agreement, such sums as would, but for the provisions of this section, have been chargeable by way of stamp duty on instruments to which the agreement relates drawn during the period to which the account relates.

(4) Where the body corporate concerned make default in delivering any account required by any such agreement or in paying the duty payable on the delivery of any such account, they shall be liable to a fine not exceeding fifty pounds for any day during which the default continues and shall also be liable to pay, in addition to the duty, interest thereon, which shall be recoverable in the same manner as if it were part thereof, at the rate of five per cent, per annum from the date when the default begins.

(5) This section applies to every body corporate incorporated in the State other than a company as defined in section 2 of the Companies Act, 1963 .

(6) Any agreement which was entered into under section 45 (repealed by this Act) of the Finance Act, 1963 , and which was in force immediately before the passing of this Act shall have effect after such passing as if it had been entered into under this section.