1870: 33 & 34 Victoria c.24: An Act for making further provision respecting the borrowing of money by the Metropolitan Board of Works.
[4th July 1870.]
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:
206 Ch. 24. Metropolitan Board of Works (Loans). 33 & 34 Vict.
[Short titles and construction.]
1. This Act may be cited as The Metropolitan Board of Works (Loans) Act, 1870, and shall have effect as one Act with The Metropolitan Board of Works (Loans) Act, 1869, in this Act referred to as the principal Act; and the principal Act and this Act may be cited together as The Metropolitan Board of Works (Loans) Acts, 1869 and 1870.
[Composition for stamp on transfers of existing stock.]
2. By way of composition for stamp duty chargeable on transfers of metropolitan consolidated stock issued before the passing of this Act, the Metropolitan Board of Works shall, within seven days after the passing of this Act, pay to the Commissioners of Inland Revenue the sum of nine thousand eight hundred and ninety-five pounds two shillings and sixpence.
[Composition for stamp on transfers of future stock.]
3. By way of composition for stamp duty chargeable on transfers of metropolitan consolidated stock from time to time issued after the passing of this Act, the Metropolitan Board of Works shall, within seven days after issuing any such stock, pay to the Commissioners of Inland Revenue a sum calculated at the rate of seven shillings and sixpence for every full sum of one hundred pounds of stock issued, and also for every fractional part of one hundred pounds of stock issued to any holder.
[Composition for stamp on transfers of terminable annuities.]
4. By way of composition for stamp duty chargeable on metropolitan annuities from time to time granted after the passing of this Act, the Metropolitan Board of Works shall, within seven days after granting any such annuity, pay to the Commissioners of Inland Revenue a sum calculated at the rate of seven shillings and sixpence for every full sum of one hundred pounds, and also for any fractional part of one hundred pounds, of the value of the annuity, which value shall be computed in such manner as the Treasury from time to time direct.
[Exemption of transfers from stamp.]
5. In consideration of the provisions for composition in this Act contained, transfers of metropolitan consolidated stock issued or to be issued, and stock certificates in respect thereof and transfers of metropolitan annuities, are hereby, notwithstanding anything in the principal Act, exempted from stamp duty.
[Payment of composition, and recovery thereof.]
6. All sums payable by the Metropolitan Board of Works under this Act by way of composition for stamp duty shall be paid out of money raised or to be raised by the issuing of metropolitan consolidated stock, or by the granting of metropolitan annuities; and the same shall be recoverable as stamp duties.
[Amendment of section 11. of former Act.]
7. Section eleven of the principal Act shall have effect as if in paragraph (1.) thereof “transferor” were substituted for “transferee.”
[Alteration of reference as to stock certificates.]
8. In the event of any Act being passed in the present session of Parliament containing provisions in substitution for The Stock Certificate Act, 1863, section sixteen of the principal Act shall have effect as if the substituted provisions were referred to in that section in lieu of The Stock Certificate Act, 1863.
Source: Public General Statutes, 1870.