FINANCE ACT (NORTHERN IRELAND) 1963

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FINANCE ACT (NORTHERN IRELAND) 1963 - SECT 8



8.Subs.(1) amends sch.1 to 1891 c.39 and repeals ss.4, 5(1), 6 of 1899 c.9

(2) For the purposes of the heading set out in sub-section (1)

(a)"inland bearer instrument" means any of the following instruments issued by
or on behalf of any company or body of persons corporate or unincorporate
formed or established in the United Kingdom, that is to say

(i)any marketable security transferable by delivery;

(ii)any share warrant or stock certificate to bearer and any instrument to
bearer (by whatever name called) having the like effect as such a warrant or
certificate;

<(iii)any deposit certificate to bearer;


<(iv)any other instrument to bearer by means of which any stock can be transferred;


(b)"overseas bearer instrument" means an instrument issued otherwise than by
or on behalf of any such company or body of persons as is mentioned in
paragraph (a), being an instrument described in sub-paragraphs (i) to (iv) of
that paragraph or a bearer instrument by usage;

(c)"deposit certificate" means an instrument acknowledging the deposit of
stock and entitling the bearer to rights (whether expressed as units or
otherwise) in or in relation to the stock deposited or equivalent stock; and
"deposit certificate for overseas stock" means a deposit certificate in
respect of stock of any one company or body of persons not being such a
company or body as is mentioned in paragraph (a);

(d)"bearer instrument by usage" means an instrument not described in the said
sub-paragraphs (i) to (iv) which is used for the purpose of transferring the
right to any stock, being an instrument delivery of which is treated by usage
as sufficient for the purpose of a sale on the market, whether that delivery
constitutes a legal transfer or not;

(3) For the purposes of the said heading "the transfer duty" means the duty
which would be chargeable under the heading "Conveyance or Transfer on sale"
in the said Schedule 1 in respect of an instrument in writing transferring the
stock constituted by, or transferable by means of, the inland or
overseas bearer instrument in question for a consideration equal to the market
value of that stock.

(4) For the purposes of this section and sections 9 and 10, "stock" includes
securities, and references to stock include references to any interest in, or
in any fraction of, stock or in any dividends or other rights arising out of
stock; "transfer" includes negotiation; and a bearer instrument by usage used
for the purpose of transferring the right to any stock shall be treated as
transferring that stock on delivery of the instrument, and as issued by the
person by whom or on whose behalf it was first issued, whether or not it was
then capable of being used for transferring the right to the stock without
execution by the holder.

Subs.(5) repeals s.4 of 1944 c.22 (NI)

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Northern Irish Legislation

FINANCE ACT (NORTHERN IRELAND) 1963 - SECT 8