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Report No. 21

Appendix IV

Suggestions in Respect of other Acts

1. Indian Stamp Act, 1899.-

(a) Policies governed by section 2(2) of the English Act-building risk, launching risk etc. policies and policies for adventures analogous to a marine adventure-should be subject to stamp duty as on sea-policies for insurance for voyages.1

(b) Certain provisions of the Stamp Law of England, which are of importance in the law of marine insurance, should be embodied in the Indian Stamp Act.2

(c) A provision similar to section 11 of the (English) Finance Act, 1901, providing that a marine insurance policy for time shall not be invalid merely on the ground that by the "continuation clause" it becomes available for a period of more than twelve months, should be inserted in the Indian Stamp Act, if section 7(2) of that Act is retained.3

(d) Section 7(1) of the Indian Stamp Act should be amended by deleting the mention of section 506 of the Merchant Shipping Act.4

(e) Sections 7(2) and 7(3) of the Indian Stamp Act should be omitted after the Bill on Marine Insurance is passed.5

2. The Transfer of Property Act, 1882-

(a) Sections 130A and 135A(1) of the Transfer of Property Act should be deleted.6

(b) Sections 135A(2) and (3) of that Act should be deleted.7

1. See notes to section 2 of the English Act-clause 4 (notes on clauses).

2. See notes to section 22 of the English Act-clause 19 (notes on clauses).

3. See notes to s. 25 of the English Act-clause 22 (notes on clauses).

4. See note entitled "Suggestion regarding section 7(1) of the Indian Stamp Act, 1899", at the end of the notes on clauses.

5. See notes to clauses 22 and 20, respectively.

6. See notes to section 50 of the English Act-clauses 52-33 (notes on clauses).

7. See notes to section 79 of the English Act-clause 80 (notes on clauses).

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