Home | Databases | WorldLII | Search | Feedback Papua New Guinea Sessional Legislation

  Download original PDF

Stamp Duties (Budget Provisions 1999) Act 1998

PAPUA NEW GUINEA

Stamp Duties (Budget Provisions 1999) Act 1998

No. 38 of 1998
Certified on: 17. 12. 1998

ARRANGEMENT OF SECTIONS.

1. Interpretation (Amendment of Section 1).
2. Official Exemption (Amendment of Section 6).

AN ACT

entitled

Stamp Duties (Budget Provisions 1999) Act 1998,

Being an Act to amend the Stamp Duties Act (Chapter 117).

MADE by the National Parliament and -

(a) in respect of Section 1, to be deemed to have come into operation on 2 March 1998; and
(b) in respect of Section 2, to be deemed to have come into operation on 1 January 1998.

1. INTERPRETATION (AMENDMENT OF SECTION 1).

Section 1(1) of the Principal Act is amended -

(a) after the definition of "borrower", by inserting the following new definition:-

• "buy back of shares", means purchase or otherwise acquisition of its own shares by a company under Sections 57, 89 and 91 to 93 inclusive of the Companies Act 1997;"; and

(b) after the definition of "transfer", by inserting the following new definition:-

• "'transfer of marketable securities' includes buy back of shares;".

2. OFFICIAL EXEMPTION (AMENDMENT OF SECTION 6).

Section 6 of the Principal Act is amended by inserting after Paragraph (b) the following new paragraph:-

"(ba) a Local-level Government; or".

I hereby certify that the above is a fair print of the Stamp Duties (Budget Provisions 1999) Act 1998 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Stamp Duties (Budget Provisions 1999) Act 1998 was made the National Parliament on 24 November 1998.

Speaker of the National Parliament.