FINANCE ACT (NORTHERN IRELAND) 1963 - SECT 16 Prohibition of circulation of blank transfers.

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FINANCE ACT (NORTHERN IRELAND) 1963 - SECT 16

Prohibition of circulation of blank transfers.

16.(1) Where a transfer in blank relating to registered stock of any
description has been delivered, pursuant to a sale of that stock, to or to the
order of the purchaser or any person acting on his behalf, any person who in
Northern Ireland parts with possession of that transfer, or who removes it or
causes or permits it to be removed from Northern Ireland, before it has been
duly completed shall be liable to a fine not exceeding the aggregate of fifty
pounds and an amount equal to twice the stamp duty chargeable in respect of
that transfer.

(2) For the purposes of this section "transfer in blank" means a transfer in
which the name of the transferee has not been inserted, and a transfer shall
be treated as duly completed if, and only if, the name of the transferee is
inserted therein, being the name of

(a)the purchaser of the stock under the sale;

(b)a person entitled to a charge upon the stock for money lent to that
purchaser;

(c)a nominee holding as a bare trustee for that purchaser or for any such
person as is mentioned in paragraph (b); or

(d)a person acting as the agent of that purchaser for the purposes of the
sale.

(3) Sub-sections (1) and (2) shall apply in relation to a transfer delivered
by way of or pursuant to a voluntary disposition inter vivos, being a transfer
to which section 74 of the Finance (190910) Act 1910 applies, as they apply in
relation to a transfer delivered pursuant to a sale, and as if for any
reference to the purchaser there were substituted a reference to the person
(in this section referred to as the donee) to whom the disposition is made.

(4) In this section references to stock shall be construed in accordance with
sub-section (4) of section 8, and "transfer" includes any instrument used for
transferring stock; but nothing in this section applies

(a)to any instrument which is chargeable with duty under paragraph (3) of the
heading "Bearer Instrument" set out in sub-section (1) of that section and is
duly stamped; or

(b)to any instrument which is exempt from duty by virtue of exemption 3 in
that heading, or would be so exempt if it were otherwise chargeable under that
heading.

(5) References in this section to the purchaser or donee of any stock include
references to any person to whom the rights of the purchaser or donee are
transmitted by operation of law; and in relation to a transfer chargeable with
duty in accordance with section 58(4) or (5) of the Stamp Act 1891 (transfers
to sub-purchasers), references in this section to the purchaser and a sale
shall be construed as references to the sub-purchaser and a sub-sale.

Subs.(6) rep. by SLR 1973

S.21, with Schedule 3, effects repeals

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Northern Irish Legislation

FINANCE ACT (NORTHERN IRELAND) 1963 - SECT 16