Stamp duties in case of shares registered in registers

(5) If a company makes default in complying with any of the provisions of section 35 it shall be liable to a fine not exceeding fifty dollars for every day during which the default continues, and every director who knowingly or wilfully authorises or permits the default shall be liable to a like penalty. 37. In relation to stamp duties– (a) an instrument of transfer of a share registered in a branch register shall be deemed to be a transfer of property situate out of Belize and unless executed in any part of Belize, shall be exempt from stamp duty; (b) on the death of a member registered in a branch register, the shares of the deceased member shall, if he died domiciled in Belize, but not otherwise, be deemed, so far as relates to probate and other duties, to be part of his estate and effects situate in Belize for or in respect of which probate or letters of administration is or are to be granted, or whereof an inventory is to be exhibited and recorded, in like manner as if he were registered in the register of members of the