STAMP DUTY (EXEMPTION) (NO.12) ORDER 2000

STAMP DUTY (EXEMPTION) (NO.12) ORDER 2000

 

IN exercise of the powers conferred by subsection 80(1) of the Stamp Act 1949 [Act 378], the Minister makes the following order:

Citation and commencement

1.  (1)     This order may be cited as the Stamp Duty (Exemption) (No. 12) Order 2000.

(2)     This Order shall be deemed to have come into operation on 30 April 1999.

Interpretation

2.  For the purpose of this Order -

"lender" and "borrower" mean persons who are permitted by the Securities Commission to engage as lenders or borrowers, as the case may be, in securities borrowing and lending transactions under a Securities Borrowing and Lending Agreement which has been approved by that Commission;

mesdaq" means the Malaysian Exchange of Securities Dealing and Automated Quotation Berhad, a stock exchange approved under section 8 of the Securities Industry Act 1983 [Act 280];

"Securities Commission" means the Securities Commission established under section 3 of the Securities Commission Act 1993 [Act 498].

Exemption

3.  (1)     An instrument of transfer of securities listed on mesdaq executed in favour of a borrower or lender and an instrument of transfer of collateral in respect of a securities borrowing and lending transaction made under a Securities Borrowing and Lending Agreement is exempted from stamp duty.

(2)     Notwithstanding subparagraph (1), an instrument of transfer of securities listed on mesdaq in favour of a lender is not exempted under subparagraph (1) unless the lender was the beneficial owner or the authorised nominee of the securities at the time of their transfer to the borrower.

 

Made 2 February 2000.

[Perb. (8.09)248/40/7-1048; LHDN.01/34/42/68-180-1(5/99); PN(PU2)159/XXII]