Section 105 of Stamp Duty Act CAP 480: Compounding duty on cheques

(1) The Senior Collector of Stamp Duties may enter into an agreement with any banker for the composition of the stamp duty on unstamped cheques on the following conditions—
(a) that the cheques shall be drawn and issued on forms to be supplied or adopted by the banker;
(b) that the banker shall levy upon or charge to the person to whom the cheques are issued the stamp duty mentioned in the Schedule;
(c) that the banker shall pay on or before the last day of each month to the Senior Collector of Stamp Duties the amount due and collected thereon as duties on the unstamped cheques issued during the immediately preceding month, and shall render with each payment an account is such form as the Senior Collector of Stamp Duties may require;
(d) that the banker shall deposit with the Senior Collector of Stamp Duties, as security for the due payment of any moneys payable under paragraph (c), such sum (if any) as the Senior Collector of Stamp Duties may direct.
(2) Cheques drawn and issued on forms supplied or adopted by the bank in accordance with this section shall be deemed to be duly stamped.

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