Article
7. Letters of exchange and other drafts issued
abroad and also payable outside of the
Islands, will not require stamps, although they may be negotiated within
the same; but stamps will be required in accordance
with the preceding Articles, if returned
for protest, in the form prescribed in the preceding Article.
Article
8. Second and third letters of exchange and others
are exempt from the Stamp Tax; however, if the
first of exchange, stamped, is not attached to
the one in circulation at the time of payment, the duplicate should
bear the corresponding stamp.
Article
9. The endorsement or guarantee, if separate
from the letter of exchange, will be subject to
the same proportional stamp as the letter.
Article
10. The receiver of a draft which lacks the
corresponding stamp for the amount, and in the form,
prescribed by the foregoing Articles, is obliged to return
it to the drawer or endorser, in order that this requisite may be
complied with. Notaries Public will refrain from authorizing protests
of drafts not in the proper form.
Article
11. Every draft whose stamp is not adjusted to the disposition
of the foregoing Articles will be null and void, and will not
be admitted in any Court or public office of any grade or jurisdiction;
lacking , therefore, the executive efficiency with which mercantile
documents are invested. This shall not prevent, as a
purely civil obligation, the usual legal proceedings
for compelling compliance with the provisions of this
order.
Article
12. All persons, banking and other companies,
public establishments and mercantile firms, are forbidden
to have in their possession, on their own
account or that of others, any of the documents
mentioned not provided with the proper stamp.
Article
13. Drafts issued in the service of the
Internal Revenue Offices and the Treasury Departments will not be
regarded as commercial documents and will be exempt from
the use of stamps.
Article
14. In copies of the protests and drafts
there will be used stamped paper of the Court Tariff.
Article
15. The Minister of' Colonies will order the
immediate printing of the special loose (adhesive) draft stamps
indicated in the preceding Articles; and, in
the meantime, the new impost (tax) on the documents
in reference will be paid in the present loose stamps
in the manner provided by the respective
regulations of the colonial possessions.
Article
16. By virtue of the dispositions of the foregoing Articles,
the disposition relative to stamps of drafts in the cited Regulations
in the Philippines, Cuba and Puerto Rico are hereby revoked.
Article
17. The Ministers will dictate
the necessary orders for enforcing the
present Decree, and give due account
thereof to the Cortes.
[82]
Given
in the Palace the 29th of May 1894.
- MARIA CRISTINA. The Minister of Colonies, Manuel
Bacerra y Bermudez. |