Finance Act, 1925

Exemption from stamp duty of certain thrift certificates.

47.—(1) A certificate issued by an employer to any of his employees in pursuance of a scheme for encouraging thrift amongst such employees whereby the employer—

(a) acknowledges the receipt of money deposited with him by the employee out of his earnings in the employment of the employer, and

(b) undertakes to repay such money to the employee with interest in accordance with the terms of such scheme,

shall be exempt from any stamp duty chargeable under the Stamp Act, 1891, or any Act amending the same.

(2) In this section the word “employer” includes any employer being a body of persons, corporate or unincorporate, as well as an employer who is an individual.