Open Collections

BC Sessional Papers

RETURN To an Order of the Legislative Assembly for a copy of the Act of the Parliament of the United… British Columbia. Legislative Assembly 1892

Item Metadata

Download

Media
bcsessional-1.0063158.pdf
Metadata
JSON: bcsessional-1.0063158.json
JSON-LD: bcsessional-1.0063158-ld.json
RDF/XML (Pretty): bcsessional-1.0063158-rdf.xml
RDF/JSON: bcsessional-1.0063158-rdf.json
Turtle: bcsessional-1.0063158-turtle.txt
N-Triples: bcsessional-1.0063158-rdf-ntriples.txt
Original Record: bcsessional-1.0063158-source.json
Full Text
bcsessional-1.0063158-fulltext.txt
Citation
bcsessional-1.0063158.ris

Full Text

 LEGISLATIVE ASSEMBLY,
55 Vict. Colonial St<5c£ Act.    . 417
RETURN
To an Order of the Legislative Assembly for a copy of the Act of the Parliament of
the United Kingdom of Great Britain and Ireland passed in the 40th and 41st
years of Her Majesty's reign, chapter 59.
THEODORE DAVIE,
Attorney General's Office,
4th February, 1892.
A ttorney- General.
CHAPTER 59.
An Act to amend the Law with respect to the Transfer of Stock
forming part of the Public Debt of any Colony, and the Stamp
Duty on such Transfer.
[14th August, 1877.]
BE it enacted by the Queen's most Excellent Majesty, by and with the
advice and consent of the Lords Spiritual and Temporal, and Commons,
in this present Parliament assembled, and by the authority of the same, as
follows :—
Application of Act.
1. Where  provision has been  made by  the Legislature  of a colony and Registration by
otherwise for the inscription and  transfer in a register kept in  the United c°l°ny   with   Com-
17-•      i         r.                  ii         i     •  i     a;                                i   i." x.   i-'   ' v.     je missioners of Inland
Kingdom   by  some bank, colonial officer, or person  (which  bank, officer, or j>,evenue 0f colonial
person is in this Act referred to as the registrar) of any stock forming the stock to which this
whole or part of the public debt of such colony, and the government of such Act applies,
colony cause a declaration under the seal of such colony, or by some person
in that behalf authorised under that seal, stating such provision, and identifying the stock with respect to which it has been made, to be left with the
Commissioners of Inland Revenue, those Commissioners, upon payment of
the proper fee, shall record the same ; and such record and declaration shall
be open to inspection at all reasonable times, in manner directed by the said
Commissioners, upon payment of the proper fee.
Upon such declaration being recorded, this Act shall apply to the stock
specified in the declaration, and this Act shall not apply to any colonial
stock not specified in a declaration recorded as provided by this section.
The proper fee for the purposes of this section shall be such fee not
exceeding, in the case of recording a declaration, five pounds, and in the
case of inspection five shillings, as the Commissioners of Her Majesty's
Treasury from time to time fix, and shall be paid into the Exchequer.
Stamp Duty on Colonial Stock to which this Act applies.
2. On the transfer in the register, whether on sale or otherwise, of colonial Stamp duty on stock
stock to which this Act applies, there shall be charged in lieu of any other to which this Act
stamp duty, a stamp duty of two shillings and sixpence for every full sum of ap^ les' 418 Colonial Stock Act. 1892
one hundred pounds, and also for every fraction less than one hundred
pounds, or over and above one hundred pounds, or a multiple of one hundred
pounds, of the nominal amount of stock transferred :
Provided that a transfer made for effecting the appointment of a new
trustee shall not be charged with any higher duty than ten shillings.
Composition for 3.  Upon payment to the Commissioners of Inland Revenue by the govern-
stamp duty on trans-  ment of a colony by way of composition for the stamp duty on the transfer of
thiVAct°aCk lie7hiCh the stock of that colony to which this Act applies, of seven shillings and sixpence for every full sum of one hundred pounds, and for every fraction less than
one hundred pounds, or over and above one hundred pounds, or a multiple of
one hundred pounds, of the nominal amount of such stock inscribed in the
name of each and every stockholder, transfers of the stock in respect of which
such composition has been paid shall be exempt from stamp duty.
The registrar shall from time to time give to the Commissioners of Inland
Revenue such information as they may require respecting the stock of any
colony inscribed in the register kept by him.
Transfers and Dividends.
Transfer of colonial      4.  Colonial stock to which this Act applies, while inscribed in a register
stock to which this kept, in the United Kingdom, shall be transferred as follows :—
Act applies.
(1.) The transfer shall be made only in the register, and shall be signed
by the transferor,—or, if he is absent, by his attorney thereunto
lawfully authorised by some writing executed under his hand and
seal and attested:
(2.) The transferee may if he thinks fit, underwrite his acceptance of the
transfer :
(3.) The executors or administrators of a deceased stockholder shall alone
be recognised by the registrar as having any title to the stock or
any dividend thereon :
(4.) The person becoming entitled to any stock or dividend thereon in
consequence of the death, bankruptcy, or marriage of the stockholder, or of any devolution in law from the stockholder, or otherwise than by transfer of the stock, shall produce such evidence of
his title as may be reasonably required by the registrar, but the
person so becoming entitled to any stock may transfer such stock
to another person without being registered himself.
Closing  of  register      5. The registrar may, for such period not  exceeding  fourteen days  as  he
for dividend. may from time to time fix  previous to each payment  of  dividend on any
colonial stock to which this Act applies, close the register of that stock as
regards transfers, upon giving not less than seven days' notice of such closing
by advertisement in some newspaper circulating generally in the place where
the register is kept
The persons who on the day of such closing are inscribed as stockholders
shall as between them and the transferees of colonial stock be entitled to
the dividend then next payable thereon.
Dividends in case of      6.  Where colonial stock to which this  Act applies is standing in the name
infancy,   &c.,.of  a Qf an infant or person 0f unsound mind jointly  with  any  person not under
',oln s ° '      legal disability, a letter of attorney for the receipt of the dividends on the
stock shall be sufficient authority in that behalf, if given under the hand and
seal of the person not under disability, and attested.
The registrar before acting on the letter of attorney, may require proof to
his satisfaction of the alleged infancy or unsoundness of mind, by the declaration of competent persons made under the Statutory Declarations Act, 1835,
5 & 6 Will. 4, c. 62. or in such other manner as he may reasonably require. 5 5 Vict. Colonial Stock Act. 419
Stock Certificates to Bearer.
7. The registrar, if so authorised by the government of a colony issuing stock certificate to
stock to which this Act applies, shall on application and payment of the fees bearer.
and stamp duty, if any, chargeable in respect of the certificate, grant to a
stockholder a certificate (in this Act called a stock certificate to bearer)
which shall entitle the bearer to the stock therein described, and shall be
transferable by delivery.
There shall be attached to such certificate coupons entitling the bearer of
or person named in the coupons to the dividends on the stock for a limited
period.
Any stock in respect of which a stock certificate to bearer has been so
issued shall, so long as such certificate is outstanding, cease to be dealt with
through the medium of the register.
A coupon so issued shall be deemed to be a cheque on a banker within the
meaning of any law or enactment for the time being in force relating to
cheques, other than any enactment relating to stamp duties.
8. Where a composition has not been paid in respect of the stamp duty Stamp duty on stock
chargeable on the transfer of any stock to which this Act applies, a stock certificate to bearer,
certificate to bearer issued in respect of that stock  shall  be  charged  with a
stamp duty of two shillings and sixpence for every full sum of one hundred
pounds, and also for every fraction less than one hundred pounds, or over
and above one hundred pounds, or a multiple of one hundred pounds, of the
nominal amount of stock described in such certificate.
9. On the expiration of the period for which the coupons attached to a Renewai 0f coupons
stock certificate to bearer  have been  issued  under this Act, the certificate 0r certificate.
may be exchanged for another certificate with coupons for a further period :
Provided, that the certificate issued in exchange, if the stamp duty has not
been compounded, shall be duly stamped, but in such case the Commissioners
of Inland Revenue shall, on production to them of both certificates duly
stamped, and subject to such regulations as they may from time to time
make, grant allowance for the stamp on the former certificate.
10. On delivery  to  the  registrar of a  stock  certificate  to bearer issued Conversion into
under  this Act, and  of  all unpaid  coupons belonging thereto, the registrar nominal stock of
shall enter the bearer in the register as proprietor of the stock  described   in stock in certificate
the certificate, and thereupon that stock  shall become transferable, and the to bearer,
dividends thereon payable as if no stock certificate to bearer had been issued
in respect of that stock.
11. If the bearer of a stock certificate to bearer issued under this Act Conversion of stock
insert therein the name, address, and quality of some person, such certificate certificate to bearer
shall cease to be transferable, and the person so named, or some person into^fnominal cer-
deriving title from him by  devolution  in law, shall alone be recognised by tlncate-
the registrar as entitled to the stock described in the certificate, and shall be
entitled to be entered in the registrar as proprietor of that stock in like
manner as if he were the bearer of a stock certificate to bearer, but if
deriving his title by devolution in law he shall produce such evidence of his
title as the registrar may reasonably require.
12. A trustee shall not apply for or hold  a stock certificate to bearer „ .
issued under this Act, unless expressly authorised to do  so  by the terms of for stoek certificate
his trust.    But this provision shall not impose on the registrar an obligation to bearer.
to inquire whether a person applying for a stock certificate to bearer is or is
not a trustee, or subject the registrar to any liability in the event of his
issuing a stock certificate to bearer to a trustee, or invalidate any stock
certificate to bearer issued. 420 Colonial Stock Act. 1892
Loss   of stock   cer-       13.  If any stock certificate to bearer issued under this Act is lost, mislaid,
tificate to bearer.       or (Jestroyed the registrar shall, on such indemnity being  given as  he  may
reasonably require, and on payment of  the expense of the issue, issue a fresh
stock certificate to bearer in the  place  of the  certificate so lost, mislaid, or
destroyed.
Stock  in certificate       14.  Stock described in a stock certificate  to  bearer issued under this Act
to   bearer to   have sna]i; save as reiates to the mode of transfer  and  payment  of dividends, be
stock   except as to subject to the same incidents  in all respects as  if it  had  continued to be
transfer, &c. transferable in the register.
Register.
Notice of trust. 15. No notice of any  trust in respect of any  colonial  stock, or of any
certificate thereof, or of any coupon annexed to such certificate, shall be
entered in the register, or receivable by the registrar, or by the government of
the colony.
Entry in register of       16.  The  registrar  may,   before the  incription  of  any stock,   make   with
conditions and regu- respect to the transfer of such stock, or otherwise  in relation to such stock,
ns- reasonable regulations not inconsistent with the provisions of this Act.
A printed copy of the documents containing the authority for and conditions of the issue of stock to which this Act applies, and of all regulations
with respect to the transfer of such stock or otherwise in relation to such
stock, shall be entered in the register of the stock.
Register to be evi-       17.  The register kept in pursuance of this Act shall, on its mere production
dence. from the custody of the registrar, be evidence of all matters  entered therein,
and, as regards persons entered therein as proprietors of colonial stock to
which this Act applies, of the title of those persons to that stock.
Information   to   be       18. The registrar shall keep in a separate book a list  of the stockholders
given respecting on whose stock the dividends have been  unclaimed for ten  years, together
register. with their registered addresses and description, and such list shall be open
for inspection at the usual hours of transfer upon  payment of such  fee, not
exceeding two shillings and sixpence, as may be fixed by the regulations.
The registrar shall give within a reasonable time after application a
certificate stating the following particulars in relation to any colonial stock
of which he is registrar, or any part of such stock, or such of those particulars
as may be required by the applicant, namely,—
(a.) The total amount issued by the colony, and the total inscribed in the
register; and
(b.) The total number of the persons in whose names the stock or part is
originally inscribed, or after the register of such stock or part has
been once closed as regards transfers, the total number of the
stockholders at the last preceding date at which the transfer books
were closed; and
(c.) The total number of each class of persons in whose names the stock or
part is originally inscribed, or after the register of the stock or part
has been once closed as regards transfers of each class of stockholders at the last preceding date at which the transfer books were
closed, the classification being according to the amount held, omitting
fractions of two hundred pounds; and
(d.) A copy or extract certified by the registrar, or by some officer appointed
for the purpose, to be a true copy or extract of any conditions or
regulations required by this Act to be entered in the register ; 55 Vict. Colonial Stock Act. 421
Provided that the registrar shall not be required to give any such certificate
in relation to any colonial stock, or part of such stock, until after the expiration of one month after the stock, or part of the stock, to which the certificate
relates has been inscribed.
Within a reasonable time after the application of any person who is a
stockholder of any colonial stock to which this Act applies, the registrar
shall give him a list of the registered names and addresses of the stockholders
of such stock at the last preceding date at which the register was closed as
regards transfers.
The registrar before giving a certificate or list under this section may
require payment of such fee not exceeding five shillings, and a further sum
of twopence for every folio of seventy-two words, or in the case of a list of
names and addresses of sixpence for each name and address, as the registrar
may from time to time fix.
Any certificate or list given under this section shall be admissible in
evidence.
Miscellaneous.
19. The declaration respecting colonial  stock  to  which  this  Act  applies, Particulars to be
recorded   with  the  Commissioners of Inland   Revenue,  and the  document contained in pros-
containing the conditions of the issue of the stock, and every prospectus and pe°tus> certificates,
notice inviting persons to subscribe for  or take  the  stock, and every stock
certificate to bearer, and every coupon and dividend warrant, and every
other certificate and document issued to a stockholder in relation to stock
held by him, shall state that the revenues of the colony alone are liable in
respect of the stock and the dividends thereon, and that the Consolidated
Fund of the United Kingdom and the Commissioners of Her Majesty's
Treasury are not directly or indirectly liable or responsible for the payment
of the stock or of the dividends thereon, or for any matter relating thereto,
and if the Commissioners of Her Majesty's Treasury require the statement
to be made in any particular terms, those terms shall be adopted.
A declaration not in conformity with this section shall not be recorded,
and every person publishing or issuing or entering in the register any such
document, prospectus, notice, stock certificate, coupon, warrant, certificate,
or document as aforesaid not in conformity with this section shall be liable to
a penalty not exceeding fifty pounds.
20. In any legal proceeding in a court in the United Kingdom in relation juriscjictionof courts
to the register of colonial stock to which this Act applies, or to an entry in as to colonial stock.
or omission from such register, or to a right  or  title to or interest in  any
such colonial stock, or any dividend thereon, the jurisdiction of such court
shall not be objected to on the ground only that the registrar is the agent of
a colonial government, and the registrar, whether a party or not to such
proceeding, shall comply with any order made by such court in relation to
the matters aforesaid.
Any person claiming to be interested in colonial stock to which this Act
applies, or in any dividend thereon, may present a petition of right in England
in relation to such stock or dividend, and the like proceedings may be had
upon such petition as in the case of any other petition of right, subject to
this qualification, that the certificate of the judgment, decree, rule, or order
of the court may be left with the registrar instead of with the Commissioners
of Her Majesty's Treasury, and such judgment, decree, rule, or order shall be
complied with by the registrar or other agent of the colonial government
having possession in England of moneys of such government, instead of by
the Commissioners of Her Majesty's Treasury.
21. For the purposes of the Act of the Session of the twenty-fourth and yorgerv 0f transfers
twenty-fifth years of the reign of Her present Majesty, chapter ninety-eight, of stock and of stock 422 Colonial Stock Act. 1892
certificates, and per- intituled " An Act to consolidate and  amend the  Statute  Law  of   England
sonation of owners of reJating to indictable  offences  by forgery," colonial stock  to which this Act
s oc '    c' applies shall be deemed to be capital stock of a body corporate.
33 & 34 Vict., c. 58.       The " Forgery Act, 1870," shall apply to a  stock  certificate, and a coupon
issued  in pursuance  of this Act, and  to colonial  stock  to which  this Act
applies, in like  manner as if  the same   were a stock certificate, coupon, or
stock mentioned in that Act.
Stock to which Act      22.  Colonial stock to which this Act applies shall  be  personal  estate, and
appliestobe personal shall not be liable to any foreign attachment by  the customs of London, or
otherwise.
*ees- 23.  The registrar may charge such fees (if any) in respect of any certificate
issued under this Act with reference to colonial stock, and in respect of any
transfer thereof in the register, and otherwise in respect of any act done by
the registrar with respect to such stock, as may be fixed by the government
issuing the stock, not exceeding in any case five shillings.
All fees charged by the registrar in pursuance of this Act may be retained
by him for his own use.
Control of discretion      24. Any  discretion   or power vested by this Act in the registrar shall,
ot registrar. subject to any agreement between the registrar and  the government of the
colony issuing the stock inscribed in the register kept by such registrar, be
exercised subject to and in accordance with the directions of that government.
Saving  for transfer      25.  Nothing in this Act shall prevent any colonial stock  inscribed  in the
of stock to colony.     register being transferred upon the application of the stockholder to a register
in the colony or elsewhere.
Definitions. 26.  In this Act, unless the context otherwise requires,—
The expression " colony " means any dominion, colony, island, territory,
province, or settlement situate within Her Majesty's dominions, but not
within the United Kingdom, the Channel Islands, or Isle of Man, and
not forming part of India as defined for the purposes of the Acts for
the time being in force relating to the Government of India ; and for
the purposes of this Act the whole of the dominion, colonies, islands,
territories, provinces, and settlements under one central legislature, and
also such part of the said dominion, and such of the said colonies, islands,
territories, provinces, and settlements as is under a local legislature is
deemed to be a colony :
The expression " legislature" means any bodies or body of persons or
person who can exercise legislative authority in a colony, and where
there are local legislatures as well as a central legislature, includes both
each of the local legislatures and the central legislature :
The expression " colonial stock " includes any share or interest in colonial
stock :
The expression " register" includes any books kept by the registrar for the
purpose of colonial stock in which the names and addresses of the several
persons for the time being entitled to such stock, and the amounts to
which they are entitled, and the transfers thereof, are entered :
The expression " stockholder " means a person holding colonial stock, being
entered as proprietor thereof in the register kept under this Act;
The expression " person " includes a corporation : 55 Vict. Colonial Stock Act. 423
The Act of the Session of the fifth and sixth years of the reign of Her Statutory Declara-
present Majesty, chapter sixty-two, intituled " An Act to repeal an Act tions •^■ct' 18™-
" of the present Session of Parliament, intituled ' An Act for the more
" ' effectual abolition of oaths and affirmations taken and made in various
" ' departments of the State, and to substitute declarations in lieu thereof,
" ' and for the more entire suppression of voluntary and extra-judicial
" ' oaths and affidavits ' ; and to make other provisions for the abolition
" of unnecessary oaths," is in this Act referred to, and may be cited in
any declaration made thereunder for the purposes of this Act, as the
" Statutory Declarations Act, 1835."
27. This Act may be cited as the "Colonial Stock Act, 1877." Short title.
VICTORIA, b. 0.:
Printed by Richard Wolfknden, Printer to the Queen's Most Excellent Majesty,

Cite

Citation Scheme:

        

Citations by CSL (citeproc-js)

Usage Statistics

Share

Embed

Customize your widget with the following options, then copy and paste the code below into the HTML of your page to embed this item in your website.
                        
                            <div id="ubcOpenCollectionsWidgetDisplay">
                            <script id="ubcOpenCollectionsWidget"
                            src="{[{embed.src}]}"
                            data-item="{[{embed.item}]}"
                            data-collection="{[{embed.collection}]}"
                            data-metadata="{[{embed.showMetadata}]}"
                            data-width="{[{embed.width}]}"
                            async >
                            </script>
                            </div>
                        
                    
IIIF logo Our image viewer uses the IIIF 2.0 standard. To load this item in other compatible viewers, use this url:
http://iiif.library.ubc.ca/presentation/cdm.bcsessional.1-0063158/manifest

Comment

Related Items