Revenue, Friendly Societies, and National Debt Act 1882

17 Provision for composition for stamp duty on certain Canadian loans

Whereas by the [37 & 38 Vict. c. 26.] Canadian Stock Stamp Act, 1874, provision was made for the government of Canada paying capital sums, calculated at the rate therein mentioned, as composition for stamp duty chargeable on transfers of any stock of the government of Canada inscribed in books kept in the United Kingdom :

And whereas after the passing of the above Act the government of Canada issued to the public, with the option of inscription at any time in books kept in the United Kingdom, the loans mentioned in the Second Schedule to this Act; and holders of the said loans, before the passing of the [43 & 44 Vict. c. 20.] Inland Revenue Act, 1880, had exercised that option to the extent in the said Schedule mentioned, and the government of Canada had paid composition for the stamp duty accordingly :

And whereas by section fifty-four of the Inland Revenue Act, 1880, the amount of the composition for stamp duty chargeable on transfers of stock of the government of Canada and other stock was increased, subject to a proviso that such increased composition should not apply for twelve months in the case of the holders of debentures of the government of a colony who had an option to exchange such debentures within twelve months for colonial stock, to which the [40 & 41 Vict. c. 59.] Colonial Stock Act, 1877, applied :

And whereas, having regard to the special circumstances connected with the issue of the stock mentioned in the said Schedule, it is expedient to make for the holders of that stock a similar provision to that made by the above-mentioned proviso in the case of the holders of colonial stock :

Be it therefore enacted as follows :

Where at any time since the passing of the Inland Revenue Act, 1880, whether before or after the passing of this Act, but before the first day of April, one thousand eight hundred and eighty-six, any part of the loans of the government of Canada mentioned in the Second Schedule to this Act, has been inscribed as stock in books kept in the United Kingdom, the government of Canada may pay to the Commissioners of Inland Revenue, by way of composition for the stamp duty chargeable on transfers of such stock, a sum calculated at the rate mentioned in the Canadian Stock Stamp Act, 1874, instead of the rate mentioned in the Inland Revenue Act, 1880.