14Cancellation of stamps

#### 14 Cancellation of stamps (1) Subject to this section, where duty on an instrument is required or permitted by this Act to be denoted by adhesive stamp, and an adhesive stamp is accordingly affixed to the instrument, the person affixing the stamp shall, immediately after affixing it, cancel the stamp: (a) by writing in ink on or across the stamp, his name or initials, or by so writing the name or initials, or by impressing the seal, of a firm or company on whose behalf the instrument is executed on or across the stamp; and (b) by writing in ink on or across the stamp the date on which the cancellation is made. Penalty: $1,000. (2) If there are several parties executing an instrument at the time an adhesive stamp is affixed to it, the cancellation shall be regarded as effectual if made as provided by subsection (1) by any one of the parties. (3) A person shall not fraudulently remove from an adhesive stamp any writing placed on it under subsection (1). Penalty: $5,000 or imprisonment for 12 months or both. (4) Where a bill of exchange or promissory note to which is affixed an adhesive stamp that has not been cancelled comes into the hands of a holder in the Territory, the holder shall forthwith cancel the stamp. Penalty for contravention of this subsection: $1,000.