265Endorsement of instruments by authorised persons

265 Endorsement of instruments by authorised persons (1) An authorised person may endorse in the approved manner— (a) an instrument in the class of instruments; or (b) an instrument effecting or evidencing a transaction in the class of transactions— in relation to which the person is authorised. (2) If duty is chargeable on the instrument or transaction, the endorsement must specify the amount of duty chargeable. S. 265(3) substituted by No. 46/2001 s. 24(1). (3) An instrument is taken— (a) to be duly stamped to the amount of duty shown on the endorsement; or (b) to be duly stamped as exempt from duty if the endorsement states that the instrument or transaction is exempt— but without affecting liability for the payment of duty in relation to the instrument or transaction under this Act. (4) An authorised person must keep a record in the approved form of endorsements made under this section. S. 265(5) amended by No. 46/2001 s. 24(2). (5) An authorised person must not knowingly— (a) endorse an instrument with an amount of duty less than the amount with which it is chargeable under this Act; or (b) otherwise endorse an instrument except in the approved manner. S. 265(6) inserted by No. 46/2001 s. 24(3). (6) If an authorised person contravenes subsection (5), the Commissioner may recover in a court of competent jurisdiction as a debt due to the State an amount equal to double the amount that would have been payable by the authorised person under section 266 had the correct amount of duty been endorsed on the instrument.