BILLS and notes were exempt from stamp duty till 22 Geo. 3, c. 33. This act was repealed and followed by several others containing some regulations still in force, though the duties were in many cases altered by the last general Stamp Act, 55 Geo. 3, c. 184. The duties imposed by this act were for the most part again altered by the 16 & 17 Vict. c. 59, and the 17 & 18 Vict. c. 83, which first introduced the use of adhesive stamps. When stamps were first imposed on bills and notes. The Stamp Act of 1891, 54 & 55 Vict. c. 39 (a), came The present into operation on the first day of January, 1892, and is the act. act now in force. The following are the provisions contained in the act and (a) Followed by the 56 Vict. c. 7; 57 & 58 Vict. c. 30; the 58 Vict. c. 16; and the 60 & 61 Vict. c. 10. In the Schedule to the Inland Revenue Repeal Act, 33 & 34 Vict. c. 99, will be found schedule thereto, which relate to bills of exchange and promissory notes: 2. All stamp duties for the time being chargeable by law upon any instruments are to be paid and denoted according to the regulations in this act contained, and except where express provision is made to the contrary are to be denoted by impressed stamps only (b). 3.-(1.) Every instrument written upon stamped material is to be written in such manner, and every instrument partly or wholly written before being stamped is to be so stamped, that the stamp may appear on the face of the instrument, and cannot be used for or applied to any other instrument written upon the same piece of material. (2.) If more than one instrument be written upon the same piece of material, every one of the instruments is to be separately and distinctly stamped with the duty with which it is chargeable. 4. Except where express provision to the contrary is made by this or any other act, (a.) An instrument containing or relating to several 6.-(1.) Where an instrument is chargeable with ad valorem duty in respect of (a.) any money in any foreign or colonial currency, or (b.) any stock or marketable security, the duty shall be calculated on the value, on the day of the date of the instrument, of the money in British currency according to the current rate of exchange, or of the stock or security according to the average price thereof. (2.) Where an instrument contains a statement of current rate of exchange, or average price, as the case may (b) The use of adhesive stamps is permissible in the case of Bills of Exchange, payable on demand (which includes cheques, &c., s. 32), and is obligatory in the case of bills or notes drawn or made out of the United Kingdom. Sect. 34. IX. require, and is stamped in accordance with that statement, CHAPTER it is, so far as regards the subject matter of the statement, to be deemed duly stamped, unless or until it is shown that the statement is untrue, and that the instrument is in fact insufficiently stamped. Use of Adhesive Stamps. applicable to 7. Any stamp duties of an amount not exceeding two Certain shillings and sixpence upon instruments which are permitted adhesive by law to be denoted by adhesive stamps not appropriated stamps to be by any word or words on the face of then to any particular instruments description of instrument, and any postage duties of the and postal like amount, may be denoted by the same adhesive stamps. purposes. to the can 8.-(1.) An instrument, the duty upon which is required General or permitted by law to be denoted by an adhesive stamp, is direction as not to be deemed duly stamped with an adhesive stamp, cellation of unless the person required by law to cancel the adhesive adhesive stamp cancels the same by writing on or across the stamp stamps. his name or initials, or the name or initials of his firm, together with the true date of his so writing, or otherwise effectively cancels the stamp and renders the same incapable of being used for any other instrument, or for any postal purpose, or unless it is otherwise proved that the stamp appearing on the instrument was affixed thereto at the proper time (c). (2.) Where two or more adhesive stamps are used to denote the stamp duty upon an instrument, each or every stamp is to be cancelled in the manner aforesaid. (3.) Every person who, being required by law to cancel an adhesive stamp, neglects or refuses duly and effectually to do so in the manner aforesaid, shall incur a fine of ten pounds. Appropriated Stamps and Denoting Stamps. 10. (1.) A stamp which by any word or words on the Appropriated face of it is appropriated to any particular description of stamps. instrument is not to be used, or, if used, is not to be available, for an instrument of any other description. (2.) Au instrument falling under the particular description to which any stamp is so appropriated as aforesaid is not to be deemed duly stamped, unless it is stamped with the stamp so appropriated. (The penny stamps on Bills on demand (such as cheques, &c.) are not "appropriated stamps." All others are; and there is a special stamp appropriated on its face to Foreign bills.) (c) See Pooley v. Brown, 31 L. J. C. P. 134, for the conse quences of not cancelling. CHAPTER Terms upon which instru ments not duly stamped may be received in evidence. Penalty upon stamping instruments after execution. Duty may be denoted by adhesive stamp. Certain mortgages of stock to be chargeable as agreements. Production of Instruments in Evidence. 14.-(1.) Upon the production of an instrument chargeable with any duty as evidence in any court of civil judicature in any part of the United Kingdom, or before any arbitrator or referee, notice shall be taken by the judge, arbitrator, or referee of any omission or insufficiency of the stamp thereon, and if the instrument is one which may legally be stamped after the execution thereof, it may, on payment to the officer of the court whose duty it is to read the instrument, or to the arbitrator or referee, of the amount of the unpaid duty, and the penalty payable on stamping the same, and of a further sum of one pound, be received in evidence, saving all just exceptions on other grounds. (4.) Save as aforesaid, an instrument executed in any part of the United Kingdom, or relating, wheresoever executed, to any property situate, or to any matter or thing done or to be done, in any part of the United Kingdom, shall not, except in criminal proceedings, be given in evidence, or be available for any purpose whatever, unless it is duly stamped in accordance with the law in force at the time when it was first executed. Stamping of Instruments after Execution. 15. (1.) Save where other express provision is in this act made, any unstamped or insufficiently stamped instrument may be stamped after the execution thereof, on payment of the unpaid duty and a penalty of ten pounds, and also by way of further penalty, where the unpaid duty exceeds ten pounds, of interest on such duty, at the rate of five pounds per centum per annum, from the day upon which the instrument was first executed up to the time when the amount of interest is equal to the unpaid duty. Agreements. 22. The duty of sixpence upon an agreement may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the agreement is first executed. 23.-(1.) Every instrument under hand only (not being a promissory note or bill of exchange) given upon the occasion of the deposit of any share warrant or stock certificate to bearer, or foreign or colonial share certificate, or any security for money transferable by delivery, by way of security for any loan, shall be deemed to be an agreement, and shall be charged with duty accordingly. (2.) Every instrument under hand only (not being a promissory note or bill of exchange) making redeemable or qualifying a duly stamped transfer, intended as a security, of any registered stock or marketable security, shall be deemed to be an agreement, and shall be charged with duty accordingly. (3.) A release or discharge of any such instrument shall not be chargeable with any ad valorem duty. Bank Notes, Bills of Exchange, and Promissory Notes. 29. For the purposes of this act the expression "banker means any person carrying on the business of banking in the United Kingdom, and the expression "Bank note includes (a.) Any bill of exchange or promissory note issued by any banker, other than the Bank of England, for the payment of money not exceeding one hundred pounds to the bearer on demand; and (b.) Any bill of exchange or promissory note so issued which entitles or is intended to entitle the bearer or holder thereof, without indorsement or without any further or other indorsement than may be thereon at the time of the issuing thereof, to the payment of money not exceeding one hundred pounds on demand, whether the same be so expressed or not and in whatever form, and by whomsoever the bill or note is drawn or made. 30. A bank note issued duly stamped, or issued unstamped by a banker duly licensed or otherwise authorized to issue unstamped bank notes, may be from time to time re-issued without being liable to any stamp duty by reason of the re-issuing. 31. (1.) If any banker, not being duly licensed or otherwise authorized to issue unstamped bank notes, issues, or permits to be issued, any bank note not being duly stamped, he shall incur a fine of fifty pounds. (2.) If any person receives or takes in payment or as a security any bank note issued unstamped contrary to law, knowing the same to have been so issued, he shall incur a fine of twenty pounds. CHAPTER Meaning of banker and bank note. Bank notes may be re-issued. Penalties for issuing or receiving an unstamped bank note. 32. For the purposes of this act the expression "bill of Meaning of exchange" includes draft, order, cheque, and letter of credit, "bill of and any document or writing (except a bank note) entitling exchange." or purporting to entitle any person, whether named therein or not, to payment by any other person of, or to draw upon |