Stamp Duty (Amendment)

Stamp Duty (Amendment)

BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows :-

[25th March
, 1996
Short title.

1. This Act may be cited as the Stamp Duty (Amendment) Act, No 6 of 1996.

Amendment of section 5 of Act, No. 43 of 1982.

2. Section 5 of the Stamp Duty Act, No. 43 of 1992 (hereinafter referred to as the “principal enactment”) as last amended by Act No. 63 of 1993, is hereby further amended by the addition immediately after paragraph (23) of that section, of the following new paragraphs :-

“(24) instrument executed for the transfer of a debt security ;

(25) instrument executed by, or on behalf of, or in favour of, a registered co-operative society within the meaning of the Co-operative Societies Law, No. 5 of 1972, or document filed in a court of law in pursuance of the provisions of section 59 of that Law ; and

(26) instrument executed by a member of a registered co-operative society within the meaning of the co-operative Societies Law, No. 5 of 1972, in favour of, and relating to the business of, such registered society.”.

Amendment of section 70 of the principal enactment.

3. Section 70 of the principal enactment is hereby amended by the repeal of subsection (2) of that section.

Amendment of section 71 of the principal enactment.

4. Section 71 of the principal enactment is hereby amended, by the insertion immediately after the definition of the expression “credit card company”, of the following new definition :-

“debt security” means any bond, note, debenture, loan, stock or other security or Instrument by which obligation of a quoted public company is created, recorded or acknowledged and which is capable of being sold or transferred at any stock exchange licensed under the Securities and Exchange Commission of Sri Lanka Act, No. 36 of 1987;”.

Sinhala text to prevail in case of inconsistency.

5. In the event of any inconsistency between the Sinhala text and Tamil texts of this Act, the Sinhala text shall prevail.