Finance (Miscellaneous Provisions) Act, 1968

Marketable securities.

12.—(1) In this section—

“the scheduled territories” has the same meaning as it has in the Exchange Control Act, 1954 ;

“foreign loan security” means a security issued outside the State in respect of a loan which is expressed in the currency of a territory outside the scheduled territories, and is neither offered for subscription in the State nor offered for subscription with a view to an offer for sale in the State of securities in respect of the loan.

(2) The stamp duties imposed by the Stamp Act, 1891, under the heading “Marketable Security” in the First Schedule to that Act upon a marketable security transferable by delivery shall not be chargeable in the case of a foreign loan security issued by or on behalf of a company or body of persons corporate or unincorporate formed or established in the State.

(3) The stamp duties imposed by the Stamp Act, 1891, under the heading “Conveyance or Transfer on Sale of any property” in the First Schedule to that Act upon a marketable security not transferable by delivery shall not be chargeable in the case of a foreign loan security issued by or on behalf of a company or body of persons corporate or unincorporate formed or established in the State.