Section 126 | Future issues of stock.

(1)Amend section 55 of the Stamp Act 1891 (calculation of ad valorem duty in respect of stock and securities) as follows.

(2)After subsection (1) insert—

(1A)For the purposes of subsection (1), it is immaterial—

(a)whether, at the time of the execution of the conveyance on sale, the stock or marketable security is or has been issued or is to be issued; and

(b)in a case where the stock or marketable security is to be issued, when it is to be, or is, issued and whether the issue is certain or contingent.

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(3)This section has effect in relation to instruments executed after the day on which this Act is passed.