Present: The Hon. Sir Joseph T. Hutchinson, Chief Justice,
and Mr. Justice Wood Renton.

In the Matter of an Appeal under Section 38 of the Stamp Ordinance, No. 3 of 1890.

Debentures-Mortgage bond-" Bond "-Mortgage by corporation in favour of trustees-Stamp duty-Ordinances No. 8 of 1871, No. 22 of 1871. and No. 30 of 1890, s. 38.

Where a corporation issued certain debentures which were stamped as bonds for that amount, and by a trust deed appointed trustees for securing the payment of the money payable in respect of the debentures, and the corporation by a mortgage bond bound itself to the trustees in the penal sum of Rs. 150, 000, and as further security mortgaged to them certain property to secure the repayment of the money payable on the debentures, -

Held, that such bond by the corporation in favour of the trustees was only liable to stamp duty of Rs. 10.

Held, also, that the debentures were '' bonds '' within the meaning of " The Stamp Ordinance, 1890. "

The meaning of the term " bond " considered.

Tissera v. Tissera l referred to and commented on.

THIS was an appeal under section 38 of the Stamp Ordinance, No. 3 of 1890, from the det