Caution : This is a past version. See the current version for the latest position.
(1) The Collector may enter into an agreement with the Exchange Company for the collection, in accordance with the provisions of this Ordinance and such agreement, of the stamp duty chargeable under head 2(1) in the First Schedule on such contract notes as may be specified in the agreement.
(2) An agreement under this section shall provide-
(a) for every contract note to which the agreement relates to bear on its face an imprint of the amount of the stamp duty chargeable on such note;
(b) for the delivery to the Collector, by the Exchange Company, of periodical accounts in respect of contract notes to which the agreement relates, giving such particulars with respect thereto as may be specified in the agreement; and
(c) for the payment to the Collector, by the Exchange Company and on the delivery of any such account, of the aggregate amount of the stamp duty chargeable as mentioned in subsection (1) on contract notes to which the agreement relates during the period to which the account relates,
and any such agreement may contain such other terms and conditions as the Collector thinks fit.
(3) If default is made in delivering any account required by an agreement under this section, or in paying any amount in accordance with such an agreement, the Exchange Company shall be liable to penalty of $5000 for each day during which the default continues, and, in addition, every amount payable under such an agreement shall bear interest at the rate of 3 cents per $100 or part thereof per day, from the due date for delivery of the account by reference to which it is payable until the actual date of payment. (Amended 70 of 1994 s. 2)
(4) The penalty and interest under subsection (3) shall be recoverable as a civil debt due to the Crown.