Article 60. For the purpose of regulating their relations, of lending reciprocal aid and promoting the establishment of consumer cooperatives, of contributing to the material welfare, promoting morale and economic advancement, operators of placer mines within a zone may associate themselves to form mining colonies.

Mining colonies SO constituted in order to enjoy a juridic personality, must submit their statutes to the approval of the Government.

Article 61. As to all that may not be contemplated by this law, interested persons must comply with the provisions of the General Mining Law.

Article 62. All procedure relative to placer gold mining, in accordance with the provisions of article 1 of this law shall be made hereafter in conformity to the provisions which the same contains.

In conformity to the disposition contained in article 6 of this law, those rights acquired through special title and in compliance with laws promulgated prior to this law shall be respected.

All prior laws opposed to the present law are revoked. Article 63. This law shall enter into effect from the date of its publication in the Official Register.

Article 64. The Minister of Public Works and Mines is charged with its execution.

Given in the National Palace, in Quito, February 5, 1937. Federico Paez; The Minister of Public Works and Mines: S. H. Ayala. Attested: The Subsecretary of the Ministry of Public Works and Mines, Enrique Coloma Silva.

NEW PUBLICATIONS

Preparing Shipments to British Countries, is the title of a new monograph prepared by the Division of Foreign Tariffs, and which outlines documentary and customs requirements in the far-flung sections of the British Empire, excepting Canada. Canadian requirements are available through T.P.S. No. 91 (2d Revision), entitled Preparing Shipments to Canada. Both publications may be obtained through the office of the Superintendent of Documents, the former, designated T. P.S. No. 154 (Revised) at a price of 25¢, and the latter at 10¢ a copy.

The Industrial Market Data Handbook, Domestic Commerce Series No. 107, was released on August 17, 1939. It may be obtained at $2.50 a copy from the Superintendent of Documents or from the District Offices of the Bureau.

A publication entitled Foreign Marks of Origin Regulations, prepared in the Division of Foreign Tariffs, treating the labeling and marking of products to be sold in foreign countries in order that such merchandise may conform to foreign requirements, has recently been released by the Government Printing office. Orders for this publication should be addressed to the Superintendent of Documents, Washington, D. C. The price of the publication, designated T.P.S. No. 199, is 50¢ a copy.

Prior to the publication of emergency law No. 1578 on February 1, 1939, all stamp taxes and stamped paper fees in Greece were subject to a surtax in favor of the service of the forced loans of 1922 and 1926. This surtax in some cases amounted to 40 percent and in others to 30 percent of the face value of the stamp. The new law combined the tax and surtax, but at the same time increased the rates somewhat to produce additional revenue.

NEW STAMP DUES RATES

The stamp taxes, to which civil, commercial, and public documents are subject under the basic Revenue Stamp Law, have been amended by rounding off the tax, plus surtax, to a slightly higher total. For example, a 10 drachma stamped sheet of paper subject to a 4 drachma (40 percent) forced loan sur tax, or a total of 14 drachmas, is replaced by a rate of 15 drachmas. The new rates on civil and

commercial documents are as follows:

Civil documents involving 100,000 drachmas or more are subject to a tax of 800 drachmas for each additional 50,000 or fraction thereof. Commercial documents involving 1,000,000 drachmas or more are subject to a tax of 100 drachmas for each additional 50,000. The combined stamp tax on invoices issued by one merchant to another is fixed as follows:

Invoices accompanying shipments abroad are subject to a 3-drachma stamp tax irrespective of the value of the goods.

NEW DENOMINATIONS OF STAMPED PAPER

Instead of the 28 denominations of stamped paper formerly available, the following 22 classes have been established: face value of stamped paper: drachmas 1, 3, 5, 6, 8, 10, 15, 20, 30, 50, 60,

80, 100, 150, 250, 300, 500, 600, 800, 1,000, 1,200, 1,500.

Besides the slight increases in the stamp taxes for civil and commercial documents and invoices, the Government will realize further revenue increases by the elimination of six denominations, since the next higher amount will become applicable in these cases. The total gain in revenue from the new provisions is estimated at about 80,000,000 drachmas for the fiscal year 1939-40.

SPECIFICATION OF TAXABLE DOCUMENTS AND EXCEPTIONS

A table specifying the private and public documents which, according to the revised Revenue Stamp Law, are subject to stamp taxes, and the rate payable in each case, was published by the Ministry of Finance on March 6, 1939. Documents are divided as follows for the purpose of defining the amount of stamp taxes.

Category A. The following papers are subject to the revenue stamp

taxes on "civil documents":

1. Private

and official contracts and agreements, concluded either direct or through public bidding, and all vouchers and receipts in writing referring to the contracts and agreements in question. The following papers are exempted or subject to lower rates:

(a)

Vouchers relating to salaries of governmental, semigovernmental or private employees receiving not more than 800 drachmas monthly are free of stamp tax. For salaries up to 1,600 drachmas monthly the rate is 6 drachmas; up to 4,000 drachmas monthly, one-half of the regular stamp tax; more than 4,000 drachmas monthly, the full tax on civil documents.

(b) A further exception relates to documents referring to agreements or contracts and vouchers which, by special provisions of the revenue stamp laws, are subject to lower rates.

2. All vouchers and receipts issued in other connections than those under (1), except such as are subject to lower rates according to existing laws, are liable to the regular tax.

3. All vouchers and receipts given to government, municipal, or communal treasurers or juridical institutions or their representatives, unless the regular tax already had been paid on the same transaction, in which case a stamp of 8 drachmas is to be affixed on the voucher or receipt.

4. Vouchers given to insurance companies against settlement of any kinds of damages also are subject to the tax.

Category B. The following papers are subject to the revenue stamp tax on "commercial documents":

1. Contracts and agreements relating to any subject, when concluded directly or through public bidding between merchants, between

a merchant and a commercial company, between third parties and corporations, and vouchers and receipts in writing referring to such agreements, all are liable to tax. Exceptions are:

(a) Contracts, agreements, and vouchers subject to lower rates of tax according to existing laws.

(b) Contracts or agreements covering collateral loans or advances against shipping documents, are subject to one-half of the regular rates. Agreements relating to collateral loans or advances against shipping documents involving grain, tobacco, or currants are subject to one-fourth of the regular rates.

(c) Dowry contracts, gift contracts, and contracts referring to ownership of real estate, and all lease contracts, are subject to the taxes payable on "civil documents."

(d) Contracts and agreements referring to mortgages, loans granted by mortgage banks, and salaries of employees, governed by the provisions applying to "civil documents."

are

2. Commercial partnership agreements, articles of incorporation and acts relating to an increase of capital. In the case of partnerships, capital consisting wholly or in part of real estate is subject to the rates applying to "civil documents."

3. Acts of corporations referring to bond-issues.

4.

The shares and bonds of Greek companies and foreign securities held in Greece. By exception, founders' shares are subject to a tax of 15 drachmas each.

5. Liquidation and distributions of property in Greece of commercial companies; dividends or interest on corporation bonds; deposit slips covering interest-bearing demand deposits or deposits with corporations subject to 3 months' notice.

6. Contracts covering loans, advances on collateral, and unsecured advances by corporations.

7. Bills of exchange, including all kinds of drafts, drafts to order and all promissory notes to order, if they have been issued in Greece. On such papers issued abroad the stamp taxes on commercial documents are payable upon acceptance; if not accepted in Greece, upon their endorsement; and if not endorsed, upon their being cashed. If they are protested without being accepted, endorsed, or cashed, the tax is payable prior to protest. Drafts accompanying shipping documents, which have been paid for in advance by special agreement and were subject to the regular tax, must pay an additional 15 drachmas. The acceptance, endorsement, or settlement of bills of exchange, drafts, and similar instruments issued in Greece, effected on the document itself are not subject to stamp tax. If effected by a separate private or official document, they are subject to payment of 8 drachmas as long as the original instrument involved payment of the regular tax. Banknotes of the Bank of Greece are exempt from payment of the present stamp tax.

8.

Agreements covering agricultural, forestry, animal and fish products, and miscellaneous shipping matters.

9.

Distribution of estates and bequests executed before notaries public, with some exceptions.

10. Reports of trustees, tutors, guardians, provisional administrators, and proxies.

11.

Transfers of ownership. In the case of conveyance of mines, the value is calculated on the basis of 1,000 drachmas per stremma.

All taxes and fees for conveyance of mines may in no case exceed 3,000 drachmas in all.

12. Receipts for payment of insurance premiums, loans granted by insurance companies against life policies, redemptions of such policies by insurance companies. Receipts showing the return of premiums are subject to a stamp tax of 8 drachmas if the premium receipt was subjected to the regular stamp tax.

13. Payment vouchers for wages of workmen and servants exceeding 60 drachmas daily, or for salaries of the same exceeding 800 drachmas monthly. Instead of such individual vouchers, a general voucher including all of the above wages and salaries of workmen and servants may be issued, and is subject to the regular tax for this category. 14. Receipts issued by public treasurers for payment of taxes and dues to the Government.

15. Receipts for payment of interest on loans granted by realestate corporations.

16. Receipts for payment of tuition and boarding fees to private schools.

17. Agreements involving the assignment, wholly or in part, of salaries of private employees to merchants against goods purchased from them on credit.

18. Payment vouchers covering pensions, dividends, and similar items paid to workmen and public or private employees by pension, social insurance funds and similar funds. Such payments to war victims are exempt from the present taxes.

19.

Receipts for commissions or brokerage fees paid by merchants or manufacturers.

20.

Receipts for funeral expenses and hospital fees.

21. Miscellaneous minor transactions involving court judgments, loans against warehouse receipts, and vouchers covering transactions with the official Deposit and Trust Office.

LIBRARY

DIVISION OF COMMERCIAL LAWS

BOOKS RECEIVED

State

REVIEWS AND JOURNALS: The Guaranty Survey, June 1939; Ohio University Law Journal, June 1939; American Import and Export Bulletin, July and August 1939; Boston University Law Review, June 1939; Southern California Law Review, June 1939; Department of State Bulletin, July 1939; Export Trade and Shipper, July and August 1939; Journal of the National Association of Referees in Bankruptcy, July 1939; Mexico at the Bar of Public Opinion, (McConnell) 1939; American Bar Association Journal, July 1939; United States Statutes at Large, 76th Congress, Vol. 63, Part I; Oregon Law Review, June 1939; Journal of the District of Columbia Bar Association, August 1939; Seguros Publicacion Mensual, July 1939; Thirty-eighth Annual Report of the Bureau of Insurance of the State of Idaho, December 31, 1938; Laws of Kansas, 1939.