Section 17Part 0 —
Mode of calculating ad valorem duty in certain cases
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Where an instrument is chargeable with ad valorem duty in respect of any non-Caymanian currency, the duty shall be calculated on the day of the date of the execution of the instrument according to the average current rate of exchange on that day.
Where an instrument contains a statement of current rate of exchange and is stamped in accordance with that statement, it is, so far as the subject matter of the statement, to be deemed to be duly stamped, unless or until it is shown that the statement is untrue and that the instrument is insufficiently stamped.