Section 94 Stamp Duties Act

Section 94 of Stamp Duties Act 1939 is about Settlements; when not to be charged as securities. It provides as follows:

An instrument chargeable with ad valorem duty as a settlement in respect of any money, stock, or security shall not be charged with any further duty by reason of containing provision for the payment or transfer of the money, stock, or security, or by reason of containing, where the money, stock, or security is in reversion or is not paid or transferred upon the execution of the instrument, provision for the payment by the person entitled in possession to the interest or dividends of the money, stock, or security, during the continuance of such possession, of any annuity or yearly sum not exceeding interest at the rate of eight naira per cent per annum upon the amount or value of the money, stock or security.