Australian Capital Territory Numbered Acts

DUTIES ACT 1999 (NO. 7 OF 1999) - SECT 131

(1)     This section applies to a broker immediately after the broker makes a record as required by section 127.

(2)     The broker shall endorse the transfer by including the broker's identification code in the transfer document if the sale, purchase or transaction is an SCH-regulated transfer.

(3)     A broker, in circumstances where subsection (2) does not apply, shall—

        (a)     endorse the written transfer with a statement that the duty (if any) on the sale, purchase or transaction has been or will be paid by the broker or that the sale, purchase or transaction is exempt from duty;

        (b)     note the date of the endorsement on the written transfer; and

        (c)     stamp the written transfer with the broker's stamp.

(4)     A transfer dealt with in accordance with this section is to be taken to be duly stamped.

(5)     A broker shall not, without reasonable excuse, deal with a transfer in accordance with subsection (2) or (3) before a record required by subsection 127 (1) has been made.

Penalty:

        (a)     in the case of a natural person—20 penalty units;

        (b)     in the case of a body corporate—100 penalty units.

(6)     A person, other than a broker, shall not—

        (a)     impress a broker's stamp on a transfer without the broker's authority;

        (b)     impress a stamp resembling or purporting to be a broker's stamp on a transfer; or

        (c)     endorse a transfer document with a participant identifier without the SCH participant's authority.

Penalty:

        (a)     in the case of a natural person—100 penalty units or imprisonment for 12 months, or both;

        (b)     in the case of a body corporate—500 penalty units.

(7)     In this section—