154How is mortgage duty charged?

154 How is mortgage duty charged? (1) The amount of duty chargeable on a mortgage is determined by the amount secured by it as calculated under Part 2. (2) The amount of duty is— (a) $4 if no amount is secured by the mortgage or if the amount secured is not more than $10 000; or (b) if the amount secured by the mortgage exceeds $10 000, $4 for the first $10 000 and $0.80 for every $200, or part, by which the amount secured exceeds $10 000. (3) The amount of duty chargeable on a mortgage in respect of an advance or further advance is— (a) determined on the amount secured by it as calculated under Part 2; and (b) the amount of duty applicable as provided in subsection (2). S. 155 substituted by No. 46/2001 s. 13.