Section 87 Stamp Duties Act

Section 87 of Stamp Duties Act 1939 is about Penalty for not making out policy of insurance or making any policy not stamped. It provides as follows:

Any person who-
(a) receives or takes credit for, any premium or consideration for any insurance and does not within one month after receiving, or taking credit for, the premium or consideration, make out and execute a duly stamped policy of insurance; or

(b) makes, executes or delivers out, or pays or allows in account, or agrees to pay or allow in account, any money upon or in respect of any policy of insurance which is not dulystamped, shall be guilty of an offence and liable on conviction to a fine of forty naira.