Farm Products Co-operative (Tararua) Limited v Commissioner of Inland Revenue - [1968] NZLR 533

Revenue — Stamp duties — Transfer of shares in pursuance of an option to purchase at £2 10s. 6d. per share, the consideration for the option being £10 — Transfers expressed in accompanying deed to be held in trust for the purchasers pending exercise of option and not meantime to pass any beneficial interest — Shares to be retransferred to vendors on lapse of option — Option subsequently exercised verbally, the transfers thereupon being presented for stamping — Consideration — Appropriate rate of stamp duty — Stamp Duties Act 1954, ss. 2, 25, 59, 63, 65, 66, 69, 74, 90, 151.