When is it proposed to take the Fifth Stage?
Insurance (Amendment) Bill, 1938—Final Stages.
Question—"That the Bill be received for final consideration"—put and agreed to.
If there is no objection, I should like to have it taken now.
Agreed.
Question proposed: "That the Bill do now pass."
If I might be allowed to intervene, I should like to say a word on the question raised by Senator Sir John Keane on the subject of the exemption of documents from stamp duty. I was unable during the discussion in Committee to refer the Senator to the particular sections of the Bill and the paragraphs of the agreement relating to the matter. Section 8 of the Bill, which relates to the transfers of the assets of the participating companies to the terminating company provides for transfer by means of vesting order, and it is provided in one of the sub-sections of that section that no stamp duty will be payable on the vesting order. In so far as the vesting order may be inadequate to effect the transfer of the assets of a participating company to the amalgamated company, the stamp duties will be payable by the terminating company on transfers or conveyances of assets, but any duties so paid will be refunded by the State. The case for recouping the terminating company the stamp duty payable upon such transfers or conveyances is that, if it is obliged to bear the stamp duty charge, its insurance fund would be to that extent depleted and the company would, at the outset of its operations, be in the position that its assets would be insufficient to cover its actuarial liabilities. I would point out that, apart from the relief from stamp duty upon the taking over of the assets, neither the terminating company nor the permanent company will enjoy any special relief from duty. They will, like every other company, have to bear the full duty upon capital and pay stamp duty upon all documents and forms to which the stamp duty applies.
Question put and agreed to.
Ordered: That a Message be sent to the Dáil accordingly.