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Amendment of section 88 of Stamp Act, 1891
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63.—Section 88 of the Stamp Act, 1891, is hereby amended by the substitution of the following subsection for subsection (2):
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“(2) As respects an instrument executed on or after the 1st day of June, 1973, or deemed by virtue of this subsection to be a new and separate instrument executed on or after the 1st day of June, 1973, where such total amount is unlimited, the security shall—
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(a) if unstamped, or if stamped with ad valorem duty to cover an amount not exceeding £10,000, be available only for £10,000, and
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(b) if stamped with ad valorem duty to cover an amount exceeding £10,000, be available for such amount only;
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but where any advance or loan is made in excess of £10,000 or such greater amount as may be covered by that duty, the security shall, for the purpose of stamp duty, be deemed to be a new and separate instrument, executed on the day on which the advance or loan is made”.
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