Government Loans (Conversion) Act, 1951

Provisions applying where bonus in cash is given.

8.—(1) Where an application for conversion is made under this Act and the terms of the conversion include the giving of a bonus in cash—

(a) payment of the bonus may be made in accordance with the instructions of the applicant,

(b) the bonus shall, as between persons having any beneficial interest in the holding, belong to the persons entitled to the income of the holding on the day when the bonus is payable,

(c) any warrant or cheque for payment of the bonus shall not be liable to stamp duty.

(2) Any bonus in cash shall be charged on the Central Fund or the growing produce thereof.