High Court of Australia
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Meso: 7 OF AUSTRALIA. 143
[HIGH COURT OF AUSTRALIA.]
ARCHIBALD HOWIE PROPRIETARY ee LIMITED AND OTHERS f PPELLANTS ;
AND
THE COMMISSIONER OF STAMP DUTIES ghee (NEW SOUTH WALES) ° : ° Terk ON APPEAL FROM THE SUPREME COURT OF NEW SOUTH WALES.
.
Stamp Duties—Company—Shares—Reduction in capital—Distribution in specie— H.C. or A. Transfers by company of shares owned in other companies—Consideration— 1948.
Liability of transfers to ad valorem duty—Rate—Stamp Duties Act 1920-1940 | ~~ (W.S.W.) (No. 47 of 1920—No. 50 of 1940), s. 66 (3), (34), (38). aaa ug. 19. A company, pursuant to a resolution for reduction of capital (duly con- — —— firmed by the court), returned capital to holders of paid-up shares to the extent MELBOURNE, Oct. 18.
of 19s. 6d. per £1 share by distributing in specie at tho values in the company's books certain paid-up shares in other companies. 'The actual values of these Rich, Dixon, shares were considerably greater than the values appearing in the company's winins JJ. books.
Heald that the transfers to shareholders were made upon a bona-fide consideration in money or money's worth of not less than the unencumbered
value of the property conveyed, within the meaning of s. 66 (3n) of the Stamp Duties Act 1920-1940 (N.S.W.).
Decision of the Supreme Court of New South Wales (Full Court) : Archibald Howie Pty. Ltd. v. Commissioner of Stamp Duties, (1948) 48 S.R. (N.S.W.) 318; 65 W.N. (N.S.W.) 123, reversed.
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