(1) The Accountant General may enter into an agreement with any banker for the composition, in accordance with the following provisions of this section, of the stamp duty chargeable under the heading “Bill of Exchange Cheque or Order payable on demand or sight or on presentation” in the Schedule, on such instruments—
(a) drawn on the banker by his or her customers on forms supplied by him or her; or
(b) drawn by the banker on himself or herself or another banker, as may be specified in the agreement.
(2) Any such agreement shall require the banker to deliver to the Accountant General periodical accounts in respect of the instruments to which the agreement relates giving particulars—
(a) of forms supplied by him or her to his or her customers with a view to their being completed and issued as such instruments by the customers, and of forms so supplied but returned unused or spoilt; and
(b) of such instruments issued by him or her, and may contain such other terms and conditions as the Accountant General thinks proper.
(3) Where any such agreement has been made with a banker, any instrument to which the agreement relates and which bears such indication of the payment of stamp duty as the Accountant General may require shall not be chargeable with stamp duty, but the banker shall pay to the Accountant General on the delivery of any account under the agreement, such sums as would but for the provision of this section have been chargeable by way of stamp duty on such instruments issued during the period to which the account relates, it being assumed for this purpose that the number of such instruments issued by his or her customers was equal to the number of forms supplied less the number of forms returned as mentioned in subsection (2)(a).
(4) Where a banker makes default in delivering any account required by any such agreement or in paying the duty payable on the delivery of any such account, he or she is liable to a penalty not exceeding $200 payable to the Accountant General for each day during which the default continues and shall also be liable to pay in addition to the duty, interest thereon at the rate of 6% per year from the date when the default begins.
(5) For the purposes of this section the expression “banker” means any person carrying on the business of banking in this State.
(Inserted by Act 5 of 1978)