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Exemption from stamp duty of certain thrift certificates.
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47.—(1) A certificate issued by an employer to any of his employees in pursuance of a scheme for encouraging thrift amongst such employees whereby the employer—
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(a) acknowledges the receipt of money deposited with him by the employee out of his earnings in the employment of the employer, and
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(b) undertakes to repay such money to the employee with interest in accordance with the terms of such scheme,
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shall be exempt from any stamp duty chargeable under the Stamp Act, 1891, or any Act amending the same.
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(2) In this section the word “employer” includes any employer being a body of persons, corporate or unincorporate, as well as an employer who is an individual.
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