Section 76 Stamp Duties Act

Section 76 of Stamp Duties Act 1939 is about Meaning of “marketable securities”. It provides as follows:

Marketable securities whether or not transferable by delivery for the purposes of the charge of duty thereon include-

(a) a marketable security made or issued by or on behalf of any company or body of persons corporate or unincorporate formed or established in Nigeria;

(b) a marketable security by or on behalf of any foreign State or Government, or foreign corporation or company (hereinafter called a “foreign security”) formed or established outside Nigeria- (i) which is made or issued in Nigeria, (ii) which, though originally issued out of Nigeria is offered for subscription, and is given or delivered to a subscriber in Nigeria, (iii) which is assigned, transferred or in any manner negotiated in Nigeria;

(c) a marketable security by or on behalf of any Commonwealth Government which if the borrower were a foreign Government would be a foreign security (hereinafter called a “Commonwealth Government Security”).

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