3 Feb 1969
WORLD MAGNATE SHIPPING LTD v. THE COLLECTOR OF STAMP REVENUE
- Citation
- WORLD MAGNATE SHIPPING LTD v. THE COLLECTOR OF STAMP REVENUE
- Court
- District Court
- Case number
- DCSA1/1968
The Deed of Covenants contained a sealed covenant by the shipowner to pay a specified sum (secured by promissory notes and guarantees) and therefore operated as a bond within Head 14 of the Stamp Ordinance and was chargeable accordingly; the Deed was not exempt under s.40(4)(a) because it created obligations beyond mere disposition of the ship; and Head 37(2) did not apply because the principal statutory mortgage had not been 'duly stamped under sub-head (1)'.