Towns > Edinburgh > 1846-1975 - Post Office Edinburgh and Leith directory > 1894-1895

STAMP DUTIES, ETC.
893
Bill Of Exchange — Payable on demand or at
sight or on presentation Id.
Meaning of ' bill of exchange.' — § 32. For the
purposes of the Act the expression ' bill of ex-
change ' includes draft, order, cheque, and letter of
credit, and any document or writing (except a bank
note) entitling or purporting 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 ; and the expression bill of
exchange payable on demand includes :
(a.) An order for the payment of any sum of
tQoney by a bill of exchange or promissory note,
Or for the delivery of any bill of exchange or pro-
missory 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 avail-
able, or upon any condition or contingency which
may or may not be performed or happen, and
(6.) An order for the payment of any sum of
money weekly, monthly, or at any other stated
periods, and also an 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 per-
son 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 per-
son on his behalf.
Meaning of ^promissory note.'' — § 33 (1.) For
the purposes of this Act, the expression 'pro-
missory note ' 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 any condition or con-
tingency which may or may not be performed or
happen, is to be deemed a promissory note for that
•sum of money.
The penny fixed duty may he denoted by adhesive
stamps. — § 34 (1.) The fixed duty of Id. on a bill
of exchange payable on demand, or at sight, or on
presentation, may be denoted by an adhesive
•stamp, which, where the bill is drawn in the
United Kingdom, is to be cancelled by the pprson
^y whom, the bill is signed before he delivers it
•out of his hands, custody, or power.
Ad valorem duties on foreign bills and notes to be
denoted by adhesive stamps. — (2.) 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.
§ 35 (1.) Every person into whose hands any
bill or note drawn or made out of the United
"Kingdom, comes in ihe United Kingdom before it
is stamped shall, before he presents for payment,
or indorses, transfers, or in any manner negotiates
-or pays the bill or note, afiix thereto a proper
■adhesive stamp or proper adhesive stamps of
■enffioient amount, and cancel every stamp so
affixed thereto.
Provisoes for the protection of bona fide holders.
— (2.) Provided as follows : —
■ -(a.) If at the time when any such bill or note
comes into the hands of any bona fde holder
there is affixed thereto an adhesive stamp
■effectually cancelled, the stamp shall, so far
■as relates to the holder, be deemed to be duly
cancelled, although it may not appear to have
been 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 fde holder
there is affixed thereto an adhesive stamp not
duly cancelled, it shall be competent for the
holder to cancel the stamp aa if he were the
[^Order for the payment of any sum of money by
a bill of exchange or promissory note Id.
Order for the delivery of any bill of exchange or
promissory note in satisfaction of any sum of
money id
person by whom it was affixed, and upon his
so doing the bill or note shall be deemed duly
stamped, and as valid and available as if the
stamp had been cancelled by the person by
whom it was affixed.
Not to relieve any other person. — (3.) But neither
of the foregoing provisoes is to relieve any person
from any fine or penalty incurred by him for not
cancelling an adhesive stamp.
Bills and notes jmrpoi'ting to be drawn, etc., abroad
to be deemed to have been so drawn, etc. — § 36. A bill
of exchange or promissory note purporting to be
drawn or made out of the" United Kingdom is, for
the purpose of determining the mode in which the
stamp duty thereon is to be denoted to be deemed
to have been so drawn or made, although it may
in fact have been drawn or made within the United
Kingdom.
Terms upon which bills and notes may be stamped
after execution. — ^ 37 (1.) Where a bill of ex-
change or promissory note has been written on
material bearing an impressed stamp of sufficient
amount but of improper denomination, it may be
stamped with the proper stamp on payment of the
duty, and a penalty of 40s. if the bill or note be
not then payable according to its tenor, or of £10
if the same be so payable.
(2.) Except as aforesaid, no bill of exchange or
promissory note shall be stamped with an im-
pressed stamp after the execution thereof.
Penalty for issuing, etc., any unstamped hill or
note, £10; and the bill or note to be unavailable. —
§ 38 (1.) Every person who issues, indorses, trans-
fers, negotiates, presents for payment, or pays any
bill of exchange or promissory note liable to duty
and not being duly stamped, shall forfeit the sum
of £10; and the person who takes or receives from
any other person any such bill or note either in
payment or as a security, or by purchase or other-
wise, shall not be entitled to recover thereon, or to
make the same available for any purpose whatever.
Proviso as to the fixed duty. ^(2.) Pro-vided that
if any such bill of exchangs, payable on demand,
or at sight, or on presentation, is presented for
payment unstamped, the person to whom it is so
presented may affix thereto an adhesive stamp of
one penny, and cancel the same as if he had been
the drawer of the bill, and may thereupon pay the
sum in the bill mentioned, and charge the duty in
account against the person by whom the bill was
dl-awn, or deduct the duty from the said sum, and
the bill is, so far as respects the duty, to be deemed
valid and available.
Not to relieve from penalty. — (3.) But the fore-
going proviso is not to relieve any person from
any fine or penalty he may have incurred in rela-
tion to such bill.
07ie bill only out of a set need be stamped. — § 39.
When a bill of exchange is drawn in a set accord-
ing to the custom of merchants, and one of the set
is dulystamped, the other or others of the set shall,
unless issued or in some manner negotiated apart
from the stamped bill, be exempt from duty;
and upon proof of the loss or destruction of a
duly stamped bill forming one of a set, any other
bill of the set which has not been issued or in
any manner negotiated apart from the lost or
destroyed bill may, although unstamped, be ad-
mitted in evidence to prove the contents of the
lost or destroyed bill.