Section 101 Stamp Duties Act

Section 101 of Stamp Duties Act 1939 is about Charge of duty on capital of companies with limited liability otherwise than under Cap. C20. It provides as follows:

(1) Where, by virtue of any letters patent or by any Act or Law or by any other lawful authority, the liability of holders of shares in the capital of any corporation or company is limited otherwise than by registration with limited liability under the law in that behalf, a statement of the amount of nominal share capital of the corporation or company shall be delivered by the corporation or the company to the Corporate Affairs Commission within one month after the date of the letters patent or the passing of the Act or Law or the granting of the authority; and in case of any increase of the amount of the nominal share capital of any corporation or company being authorised by any letters patent, Act or Law or other authority, a statement of the amount of such increase shall be delivered by the corporation or company to the Corporate Affairs Commission within the like period.

(2) The statements referred to in subsection (1) of this section shall be charged with an ad valorem duty of one naira for every two hundred naira and any fraction of two hundred naira over any multiple of two hundred naira of the amount of such capital or increase of capital, as the case may be.

(3) The statements to be delivered in accordance with subsection (1)of this section shall be delivered with the duty charged thereon duly paid and in default of that delivery, the corporation or company shall pay to the Minister or Governor, as the case may be, a sum equal to ten per cent per annum upon the amount of duty payable, and a like penalty for every month after the first month during which the default shall continue.

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