PART V.

Stamp Duties.

16. —(1) The stamp duty chargeable, by virtue of section 1 of the Stamp Act, 1891, on the certificate to be taken out yearly by a notary public (being an instrument specified in the First Schedule to that Act) shall cease to be payable.

(2) Where, on or after the 26th day of March, 1955, any notary public has taken out a duly stamped certificate, he shall, on making a claim in that behalf, be entitled to a refund of duty equal in amount to the amount arrived at by applying, to the amount of duty paid in respect of the certificate, the fraction specified in subsection (3) of this section.

(3) The fraction referred to in subsection (2) of this section is the fraction the numerator of which is the number of the days in the period beginning on the day of the passing of this Act and ending on the 25th day of March, 1956, and the denominator of which is 366.

17. —As respects any credit-sale agreement within the meaning of the Hire-Purchase Act, 1946 (No. 16 of 1946), or any instrument (other than such a credit-sale agreement) which is an agreement, or a memorandum of an agreement, made for or relating to the sale of any goods, wares or merchandise—

(a) whether under hand only or under seal, stamp duty under the heading “Bond, Covenant or Instrument” in the First Schedule to the Stamp Act, 1891, shall not be chargeable thereon, and

(b) in a case in which stamp duty as aforesaid would be chargeable thereon but for paragraph (a) of this section—

(i) if under hand only, the exemption numbered (3) under the heading “Agreement or any Memorandum of an Agreement” in the said First Schedule shall not apply thereto and stamp duty under that heading shall be charged thereon, and

(ii) if under seal, stamp duty under the heading “Deed of any kind whatsoever, not described in this schedule” in the said First Schedule shall be chargeable thereon.