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Stamp Duties Amendment Act 1989

COOK ISLANDS

STAMP DUTIES AMENDMENT ACT

ANALYSIS

Title
1. Short Title and commencement
2. Exemption from conveyance duty
3. Duty on transfer of shares exempt from conveyance duty

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1989, No. 16

An Act to amend the Stamp Duties Act 1981-82

(28 July 1989)

BE IT ENACTED by the Parliament of the Cook Islands in session assembled, and by the authority of the same as follows:

1. Short Title and commencement - This Act may be cited as the Stamp Duties Amendment Act 1989 and shall be read together with and deemed part of the Stamp Duties Act 1981-83 (hereinafter referred to as "the principal Act").

(2) This Act shall be deemed to have come into force on the 13th day of May 1982.

2. Exemption from conveyance duty - Section 59 of the principal Act (as amended by the Stamp Duties Amendment Act 1984) is hereby amended by repealing paragraph (f) and substituting a new paragraph as follows:

"(f) A transfer of the legal ownership of shares in an overseas company (except shares registered in any branch register kept in the Cook Islands by a company registered pursuant to Part XII of the Companies Act 1970) or in a company incorporated pursuant to the International Companies Act 1981- 82."

3. Duty on transfer of shares exempt from conveyance duty - Section 103 of the principal Act (as amendment by the Stamp Duties Act 1989) is hereby amended by inserting after the words "in all overseas company" the words "or a company incorporated under the International Companies Act 1981-82".

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This Act is administered by the Inland Revenue Department.