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Transfers of Bonds and Mortgages of Public Companies exempted from Stamp Duty on Payment of a Composition.
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XIV. ‘And whereas it would facilitate the Transfer of the Bonds and Mortgages given by Public Companies under the Provisious of Acts of Parliament as Securities for Money which such Companies are by the said Acts expressly empowered or authorized to borrow, if the Transfers or Assignments of such Bonds or Mortgages were endorsed thereon, and were exempted from Stamp Duty, and it is expedient to grant such Exemption in consideration of a Composition Stamp Duty being paid on such Bonds and Mortgages on the original making and issuing thereof, in lieu of the Stamp Duty with which such Transfers or Assignments would otherwise be chargeable:’
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Where on the original making and issuing of any such Bond or Mortgage as aforesaid, and before any Transfer or Assignment thereof, the same shall be stamped with an Amount of Stamp Duty equal to Three Times the Amount of the ad valorem Stamp Duty chargeable thereon by Law, and over and above the said ad valorem Duty, then every Transfer or Assignment thereafter made of such Bond or Mortgage by Endorsement thereon shall be deemed to be exempt from the Stamp Duty which would otherwise be payable in respect of such Transfer or Assignment: Provided always, that nothing herein contained shall extend to exempt any such Transfer or Assignment from any Stamp Duty to which it may be liable as a Settlement of the Money or Stock secured by such Bond or Mortgage, or any Portion thereof.
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