DUTIES ACT 2000 - SECT 270 Registration of transfer of shares in private companies

DUTIES ACT 2000 - SECT 270

    (1)     A private company must not enter in its records a transfer of shares on which duty is charged under this Act unless—

        (a)     a transfer has been delivered to the private company; and

        (b)     the transfer is duly stamped.

Penalty:     100 penalty units.

Note to

s. 270(1) inserted by No. 13/2013 s. 56(3).

Note

Section 130A of the Taxation Administration Act 1997 applies to an offence against this subsection.

    (2)     For the purposes of this section, a private company is entitled to assume that an instrument is duly stamped if—

        (a)     it bears any of the following—

              (i)     an impressed stamp;

              (ii)     an adhesive stamp, unless the company is the legal or beneficial owner of land in Victoria;

              (iii)     an endorsement under section 265;

              (iv)     an endorsement in accordance with an approval under section 39 of the Taxation Administration Act 1997 ;

              (v)     an exempt stamp; or

        (b)     it is accompanied by a current exemption certificate.