Section 62 Stamp Duties Act

Section 62 of Stamp Duties Act 1939 is about Duty payable in certain cases under an Act on vesting of property. It provides as follows:

Where by virtue of an Act, either-
(a) any property is vested by way of sale in any person; or

(b) any person is authorised to purchase property, such person shall within three months of the passing of the Act, or the date of vesting, whichever is later, or after the completion of the purchase, as the case may be, produce to a commissioner a copy of the Act or some instrument relating to the vesting in the first case, and an instrument of the conveyance of the property in the other case, duly stamped with the ad valorem duty payable upon a conveyance on sale of the property; and in default of such production, the duty with interest thereon at the rate of ten naira per cent per annum from the passing of the Act, date of vesting or completion of the purchase, as the case may be, shall be a debt to the Government of the Federation from such person.

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