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(2) An instrument falling under the particular description to which any stamp is so appropriated as aforesaid is not to be deemed duly stamped unless it is stamped with the stamp so appropriated.

By sec. 11, Where an instrument is chargeable with ad valorem duty in respect of any money in any foreign or colonial currency, such duty shall be calculated on the value of such money in British currency according to the current rate of exchange on the day of the date of the instrument.

By sec. 12, Where an instrument is chargeable with ad valorem duty in respect of any stock or of any marketable security, such duty shall be calculated on the value of such stock or security according to the average price thereof on the day of the date of the

instrument.

By sec. 13, Where an instrument contains a statement of current [*106] rate of exchange or average price, as the case *may require, and is stamped in accordance with such statement, it is, so far as regards the subject-matter of such statement, to be deemed duly stamped, unless or until it is shown that such statement is untrue and that the instrument is in fact insufficiently stamped.

By sec. 15, (1) Except where express provision to the contrary is made by this or any other act, any unstamped or insufficientlystamped instrument may be stamped after the execution thereof on payment of the unpaid duty and a penalty of ten pounds, and also by way of further penalty, where the unpaid duty exceeds ten pounds, of interest on such duty at the rate of five pounds per centum per annum from the day upon which the instrument was first executed up to the time when such interest is equal in amount to the unpaid duty.(b)

(b) There are apparently three cases in which a bill or note may be stamped after execution:

1. Where the bill or note is drawn or made abroad. See post, s. 51. 2. When a bill or note bears an impressed stamp of sufficient value but wrong denomination. See post, s. 53.

3. In the case of a bill of exchange payable on demand (which by s. 48 includes checks, etc.) and liable to a fixed duty of 1d., denotable by an adhesive stamp, it is competent for the drawee to affix the stamp. See post, s. 54.

And the payment of any penalty or penalties is to be denoted on the instrument by a particular stamp.

(2) Provided as follows:

(a) Any unstamped or insufficiently-stamped instrument which has been first executed at any place out of the United Kingdom may be stamped at any time within two months after it has been first received in the United Kingdom on payment of the unpaid duty only;

(b) The commissioners may, if they think fit, at any time within twelve months after the first execution of any instrument, remit the penalty or penalties or any part thereof.

By sec. 17, Save and except as aforesaid, no instrument executed in any part of the United Kingdom, or relating, wheresoever executed, to any property situate, or to any matter or thing done or to be done, in any part of the United Kingdom, shall, except in criminal proceedings, be pleaded or given in evidence or admitted to be good, useful or available in law or equity, unless it is duly stamped in accordance with the law in force at the time when it was first executed.

*By sec. 23, Except where express provision is made to the contrary, all duties are to be denoted by impressed stamps only.(c)

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By sec. 24, (1) An instrument, the duty upon which is required or permitted by law to be denoted by an adhesive stamp, is not to be deemed duly stamped with an adhesive stamp unless the person required by law to cancel such adhesive stamp cancels the same by writing on or across the stamp his name or initials, or the name or initials of his firm, together with the true date of his so writing, so that the stamp may be effectually cancelled and rendered incapable of being used for any other instrument, or unless it is otherwise proved that the stamp appearing on the instrument was affixed thereto at the proper time.(d)

(c) The use of adhesive stamps is permissible in the case of bills of exchange payable on demand (which include checks, etc., s. 48), and is obligatory in the case of bills or notes drawn or made out of the United Kingdom. See post, ss. 50, 51.

(d) See Pooley v. Brown, 31 L. J., C. P. 134, for the consequences of not cancelling.

(2) Every person who, being required by law to cancel an adhesive stamp, willfully neglects or refuses duly and effectually to do so in manner aforesaid, shall forfeit the sum of ten pounds.

By sec. 36, The duty of sixpence upon an agreement may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the agreement is first executed.

By sec. 45, The term "banker" means and includes any corporation, society, partnership, and persons, and every individual person carrying on the business of banking in the United Kingdom. The term "bank note" means and includes

(1) Any bill of exchange or promissory note issued by any
banker, other than the Governor and Company of the
Bank of England, for the payment of money not exceed-
ing one hundred pounds to the bearer on demand:
(2) Any bill of exchange or promissory note so issued which
entitles or is intended to entitle the bearer or holder
thereof, without indorsement, or without any further or
other indorsement than may be thereon at the time of the
issuing thereof, to the payment of money not exceeding
one hundred pounds on demand, whether the same be so
expressed or not, and in whatever form and by whomso-
ever such bill or note is drawn or made.

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By sec. 46, A bank note issued duly stamped, or issued unstamped by a banker duly licensed or otherwise authorized to issue unstamped bank notes, may be from time to time reissued without being liable to any stamp duty by reason of such reissuing.

By sec. 47, (1) If any banker, not being duly licensed or otherwise authorized to issue unstamped bank notes, issues, or causes or permits to be issued, any bank note not being duly stamped, he shall forfeit the sum of fifty pounds.

(2) If any person receives or takes any such bank note in payment or as a security, knowing the same to have been issued unstamped contrary to law, he shall forfeit the sum of twenty pounds.

By sec. 48, (1) The term "bill of exchange" for the purposes of this act includes also draft, order, check, and letter of credit, and any document or writing (except a bank note) entitling or purport

ing to entitle any person, whether named therein or not, to payment by any other person of, or to draw upon any other person for, any sum of money therein mentioned.

(2) An order for the payment of any sum of money by a bill of exchange or promissory note, or for the delivery of any bill of exchange or promissory note in satisfaction of any sum of money, or for the payment of any sum of money out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or happen, is to be deemed for the purposes of this act a bill of exchange for the payment of money on demand.(e)

*(3) An order for the payment of any sum of money [109] weekly, monthly, or at any other stated periods, and also any order for the payment by any person at any time after the date thereof of any sum of money, and sent or delivered by the person making the same to the person by whom the payment is to be made, and not to the person to whom the payment is to be made, or to any person on his behalf, is to be deemed for the purposes of this act a bill of exchange for the payment of money on demand.

By sec. 49, (1) The term "promissory note" means and includes any document or writing (except a bank note) containing a promise to pay any sum of money.

(2) A note promising the payment of any sum of money out of any particular fund which may or may not be available, or upon

(e) See Firbank v. Bell, 1 B. & Ald. 39, where such an order bearing an agreement stamp was held inadmissible under the old law for want of a bill stamp: Butts v. Swan, 2 B. & B. 78 (6 E. C. L. R.); 4 Moore 484. But unless a definite sum were specified, a bill stamp was not required: Jones v. Simpson, 2 B. & C. 318 (9 E. C. L. R.) ; 3 D. & R. 545; Barlow v. Broadhurst, 4 Moore 471; Crowfoot v. Gurney, 9 Bing. 372 (23 E. C. L. R.); Hutchinson v. Heyworth, 1 Per. & D. 266; 9 A. & E. 375 (35 E. C. L. R.); Norris v. Solomon, 2 M. & R. 266; Diplock v. Hammond, 23 L. J., Chan. 550; 5 De Gex, M. & G. 320. A letter from one company to another in these terms: "We shall be obliged by your paying Mr. J. Shellard the sum of 2001. out of moneys payable to us," etc., given to Shellard to present, was held inadmissible for want of a stamp; Ex parte Shellard, L. R., 17 Eq. 109; but this case was unfavorably reviewed in Buck v. Robson, L. R., 3 Q. B. D. 686, where a letter written to the debtor in these terins by the creditor: "I hereby assign the sum of 401., now due or to be due in respect," etc., was held not to be an order for the payment of money within s. 48, but an assignment of a debt.

any condition or contingency which may or may not be performed or happen, is to be deemed for the purposes of this act a promissory note for the said sum of money.

By sec. 50, The fixed duty of one penny on a bill of exchange for the payment of money on demand may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the bill is signed before he delivers it out of his hands, custody or power.

By sec. 51, (1) The ad valorem duties upon bills of exchange and promissory notes drawn or made out of the United Kingdom are to be denoted by adhesive stamps.

(2) Every person into whose hands any such bill or note comes in the United Kingdom before it is stamped shall, before he presents for payment, or indorses, transfers, or in any manner negotiates or pays such bill or note, affix thereto a proper adhesive stamp or proper adhesive stamps of sufficient amount, and cancel every stamp so affixed thereto. (f).

(3) Provided as follows:

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(a) If at the time when any such bill or note comes into the hands of any bona fide holder thereof *there is affixed thereto an adhesive stamp effectually obliterated, and purporting and appearing to be duly cancelled, such stamp shall, so far as relates to such holder, be deemed to be duly cancelled, although it may not appear to have been so affixed or cancelled by the proper person.

(b) If at the time when any such bill or note comes into the hands of any bona fide holder thereof there is affixed thereto an adhesive stamp not duly cancelled, it shall be competent for such holder to cancel such stamp as if he were the person by whom it was affixed, and upon his so doing such bill or note shall be deemed duly stamped, and as valid and available as if the stamp had been duly cancelled by the person by whom it was affixed.

(4) But neither of the foregoing provisoes is to relieve any person from any penalty incurred by him for not cancelling any adhesive stamp,

(ƒ) It is not necessary that the instrument should be stamped before it is presented for acceptance: Sharples v. Rickards, 2 H. & N. 57; Griffin v. Weathersby, L. R., 3 Q. B. 753.

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