Section 103 Stamp Duties Act

Section 103 of Stamp Duties Act 1939 is about Reduction of duty on loan capital issued for the purpose of the conversion or consolidation of existing capital. It provides as follows:

(1) Where it is shown to the satisfaction of the Corporate Affairs Commission that the loan capital issued by any corporation, company or body of persons, in respect of which a statement is required to be issued under section 102 of this Act has been wholly or in part applied for the conversion or consolidation of then existing loan capital, that corporation, company or body of persons, as the case may be, shall be entitled to repayment in respect of the duty charged on the statement so delivered at the rate of twenty kobo for every 200 naira of the capital to which the statement relates which is so shown to have been applied for the purpose of the conversion or consolidation of the then existing loan capital; but this section shall not apply to any duty payable in respect of a mortgage or marketable security which has been paid on any trust deed or other document securing the loan capital which has been issued.

(2) If it is represented to the Corporate Affairs Commission by any such corporation, company or body of persons that loan capital about to be issued by them is to be applied, in whole or in part, for the purpose of the conversion or consolidation of existing loan capital, the Corporate Affairs Commission may postpone the time or the delivery of the statement and the payment of duty under section 102 of this Act until the capital has been issued or until such other time as the Corporate Affairs Commission may think fit for the purpose of enabling the payment and repayment of the duty to take place as far as practicable as one transaction.

(3) The repayment shall be made by the Accountant-General upon receipt from the Corporate Affairs Commission of such particulars as the Minister may generally or in any particular case require to be given.

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