Stamp Act · s 5

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5.
Cheques drawn on forms supplied by banks authorised in that behalf need not bear a stamp
(1) The Minister may, in his absolute discretion, by an order published in the Gazette, authorise any banker to compound for the payment of duty on unstamped cheques on the following conditions —
(a) that the said cheques be drawn and issued on forms to be supplied or adopted by the said banker;
(b) that the said banker do levy upon or charge to the person to whom such cheques are issued the stamp duty mentioned in
Schedule 1;
(c) that the said banker do pay on the 1st day of January and 1st day of July in each year to the Collector the amount due and collected thereon as duties on such unstamped cheques;
(d) that the said banker do deposit with the Collector, as security for the due payment to the Collector of any moneys payable under paragraph (c) such sum, if any, as the Minister may direct.
(2) Cheques drawn and issued on forms supplied or adopted by such bank in accordance with this section are deemed to be duly stamped.
(3) Where a banker has been authorised to compound for the payment of duty on unstamped cheques as provided in subsection (1), the
Minister or any person authorised by him in writing, may, at all reasonable times, inspect any stocks of unstamped cheques held by the banker and any books kept by him in connection with the issue of such cheques.

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s 5Cheques drawn on forms supplied by banks authorised in that behalf need not bear a stamp

(1)

The Minister may, in his absolute discretion, by an order published in the Gazette, authorise any banker to compound for the payment of duty on unstamped cheques on the following conditions —

(a)

that the said cheques be drawn and issued on forms to be supplied or adopted by the said banker;

(b)

that the said banker do levy upon or charge to the person to whom such cheques are issued the stamp duty mentioned in

Schedule 1;

(c)

that the said banker do pay on the 1st day of January and 1st day of July in each year to the Collector the amount due and collected thereon as duties on such unstamped cheques;

(d)

that the said banker do deposit with the Collector, as security for the due payment to the Collector of any moneys payable under paragraph (c) such sum, if any, as the Minister may direct.

(2)

Cheques drawn and issued on forms supplied or adopted by such bank in accordance with this section are deemed to be duly stamped.

(3)

Where a banker has been authorised to compound for the payment of duty on unstamped cheques as provided in subsection (1), the

Minister or any person authorised by him in writing, may, at all reasonable times, inspect any stocks of unstamped cheques held by the banker and any books kept by him in connection with the issue of such cheques.

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