4. Resolved, That it is expedient, with the view of explaining and extending the charge of Stamp Duties on accounts of personal or moveable property under section 38 of "The Customs and Inland Revenue Act, 1881," to amend the section as follows;—
The description of property marked (a) in sub-section two of the section shall be read as if the word "twelve" were substituted for the word "three" therein;
The said description of property shall include property taken under any gift, whenever made, of which bona fide possession and enjoyment shall not have been assumed by the donee immediately upon the gift and thenceforward retained to the entire exclusion of the donor, or of any benefit to him by contract or otherwise;
The description of property marked (b) in the said sub-section two shall be construed as if the expression "to be transferred to or vested in himself and any other person" included also any purchase or investment effected by the person who was absolutely entitled to the property either by himself alone, or in concert, or by arrangement with any other person;
The description of property marked (c) shall be construed as if the expression "voluntary settlement" included any trust, whether expressed in writing or otherwise, in favour of a volunteer, and, if contained in a deed or other instrument effecting the settlement, whether such deed or other instrument was made for valuable consideration or not as between the settlor or any other person, and as if the expression "such property," where-ever the same occurs, included the proceeds of sale thereof;
And that the said charge shall extend to money received under a policy of assurance effected by any person dying on or after the first day of June, one thousand eight hundred and eighty-nine, on his life, where the policy is wholly kept up by him for the benefit of a donee, whether nominee or assignee, or a part of such money in proportion to the premiums paid by him, where the policy is partially kept up by him for such benefit;
And that no return of Stamp Duty shall be made under sub-section three of the section by reason of, or in relation to, any Account charged under that section and delivered on or after the first day of June, one thousand eight hundred and eighty-nine.