COMPOSITION (TRANSFERS, SHARES, ETC.). The Stamp Act, 1891, provides as follows : Composition for certain Stamp Duties.
" Section 114. (1) By way of composition for stamp duty chargeable on trans fers of any stock of the Government of Canada which may be inscribed in books kept in the United Kingdom or of any Colonial stock to which the Colonial Stock Act, 1877, applies, the Government of Canada or other colony, as the case may be, shall pay to the Commissioners a sum as stamp duty calculated at the rate of one shilling and threepence for every ten pounds, and any fraction of ten pounds of the nominal amount of such stock inscribed in the name of each and every stockholder at the date of the composition— With the addition " (a) when the period within which the stock is to be redeemed or paid off, or during which annual or other payments in respect of the redemption or payment off of the same are required to be made, exceeds sixty years, but does not exceed one hundred years from that date, of three pence for every such ten pounds or fraction of ten pounds ; or •' (b) when the said period exceeds one hundred years, or no period is fixed for such redemption or payment off, or no such annual or other payments are required to be made, of sixpence for every such ten pounds or fraction of ten pounds : and in consideration of the payment transfers of the stock in respect of which the composition has been paid shall be exempt from stamp duty.
" (2) All sums certified by the Commis sioners to have been received by way of composition for stamp duty on transfers of stock under this Section shall be paid over to the National Debt Commissioners, and shall be applied by them towards the reduc tion of the National Debt in such manner as the Treasury from time to time direct." By the Finance Act, 1S94 : " Section 39. The provisions contained in Section 114 of the Stamp Act, 1891, in refer ence to the composition for stamp duty chargeable on transfers of certain stocks. shall extend to the stock of any foreign state or government which is inscribed in the books of the Bank of England." By the Finance Act. 1898 : " Section 5. The provisions contained in Section 114 of the Stamp. Act, 1891, in reference to the composition for stamp duty chargeable on transfers of certain colonial stocks, shall extend to the stock of any British protectorate or protected state to which protectorate or state a Secretary of State applies the Colonial Stock Acts, 1877 and 1892, and he is hereby authorised so to apply the said Acts with the necessary modifications."
The Stamp Act, 1891, further provides :— Composition for Stamp Duty by County Councils, etc.
" Section 115. (1) Any county council or corporation or company may enter into an agreement with the Commis sioners, if the Commissioners in their discretion think proper for the de livery of an account showing the nominal amount of all the stock and funded debt of such county council, corporation, nr company or the amount thereof in respect of which payment has been made, if the whole sums payable in respect thereof have not been paid ; and after such agreement has been entered into the account shall be immediately delivered to the Com missioners, and a like account shall be delivered half-yearly in each year.
(3) There shall be charged by way of composition upon the aggregate amount appearing on every half yearly account delivered to the Commissioners for every one hun dred pounds and any fraction of one hundred pounds of such amount the duty of sixpence as a stamp duty, and so soon as any account has been delivered, and payment of the duty hereby imposed has been made, transfers of any stock or funded debt included in such account, and also any share warrants or stock certifi cates relating to such stock or funded debt, shall he exempt from duty.
(6) Where an agreement for composition under this Section has been entered into by any county council or cor poration or company, such county council or corporation or company shall have power, in addition to any fee exigible upon registration of any transfer of stock, or funded debt, as the case may be, or upon issue of any share warrant, or stock certificate relating thereto, to require payment of an amount not exceeding the amount of duty which would have been chargeable upon the transfer or share warrant or stock certificate if no such agreement had been entered into."