Stamp Duties Consolidation Act 1999 section 66

Penalty for issuing stock certificate not duly stamped, etc

Section 66 imposed a penalty for issuing a stock certificate to bearer that was not duly stamped, and required the cancellation of such a certificate once its holder had been registered as the owner of the underlying stock.

• Applied to stock certificates to bearer, and to any other bearer instrument having a like effect.
• Required cancellation of the certificate once the holder was entered on the relevant register as owner of the stock.
• Cancellation had to be done so that the certificate could not be re-issued to anyone.
• Imposed a £500 penalty on any person who issued such a certificate without it being duly stamped.