58RDuty on subscriptions under instruments which secure debentures

#### 58R Duty on subscriptions under instruments which secure debentures (1) Where: (a) a body corporate is or will be under a liability to repay any money received or to be received by it in respect of corporate debentures of the body corporate; and (b) there is an instrument of trust relating to the debentures to which the body corporate is a party; the body corporate may, by notice in accordance with an approved form given to the Commissioner, elect that this section apply in relation to those corporate debentures and, where such an election is made, the instrument of trust, any mortgage executed by the body corporate protecting the interests of the holders of the debentures and any such debentures shall be deemed to be duly stamped. (2) Where an election relating to corporate debentures of a body corporate has been made by the body corporate under subsection (1), the body corporate shall, within 21 days after the end of each month of each year, lodge with the Commissioner for assessment an instrument, in accordance with an approved form, setting out: (a) 5% of the total of amounts subscribed in respect of such of the corporate debentures as were issued during that month and are connected with the Territory, being amounts repayable at or after the expiration of a period of not less than 30 days and not more than 3 months; (b) 50% of the total of amounts subscribed in respect of such of the corporate debentures as were issued during that month and are connected with the Territory, being amounts repayable at or after the expiration of a period of more than 3 months but not more than 6 months; and (c) the total of all other amounts subscribed in respect of such of the corporate debentures as were issued during that month and are connected with the Territory, not being amounts repayable at call or in less than 30 days. (2A) Subsection (2) does not apply in respect of any month commencing on or after the termination day. (3) An instrument lodged under subsection (2) is liable to duty (if any) equal to the duty that would be payable if the instrument were a loan security connected with the Territory for the repayment of the sum of the amounts specified in the instrument. (4) For the purposes of this section, amounts repayable at call after a specified period shall be deemed to be amounts repayable at the end of that period. (5) A reference in this section to an amount subscribed in respect of corporate debentures includes a reference to an amount represented by corporate debentures issued upon the conversion or renewal of an existing holding of corporate debentures or other marketable securities.