New South Wales Repealed Acts

This legislation has been repealed.

STAMP DUTIES ACT 1920 - SECT 127

127 Valuation of shares

(1)

(a) For the purposes of this Act, the valuation of shares in any company, whether or not it is a NSW company, shall be made upon the basis that the memorandum and articles of association or rules of the company satisfy the requirements prescribed by the committee or governing authority of the stock exchange at the place where the share register in which the shares being valued are registered is, to enable that company to be placed on the current official list of such stock exchange at the relevant time.

(b) No provision in the memorandum or articles of association or rules of any company whereby or whereunder the value of the shares of a deceased or other member is to be determined shall be applicable in determining the value of the shares for the purposes of this Act.

(c) Notwithstanding anything contained in the foregoing provisions of this subsection the Chief Commissioner may in his discretion adopt as the value of a share of any class in any company the shares of which of that class are not listed on a stock exchange such sum as in the opinion of the Chief Commissioner the holder of that share would have received in respect of that share in the event of the company being voluntarily wound up on the date upon which the value of the share is to be ascertained for the purposes of this Act.

(2) This section applies to all companies whether incorporated before or after the passing of the Stamp Duties (Further Amendment) Act 1924 , other than those registered under section 52 of the Companies Act 1899 or section 34 of the Companies Act 1936 or section 24 of the Companies Act 1961 or under any similar provision in the law of any place out of New South Wales and other than companies in respect of which a licence is for the time being in force under section 66 of the Companies (New South Wales) Code or under any corresponding provision of a law in force in any place out of New South Wales.

(3) No agreement whereby the value of the share of a deceased partner or of a partner upon the dissolution of the partnership in any of the partnership assets is determined as between the partners shall be conclusive as to the value thereof for the purposes of this Act.