Section 39 Stamp Duties Act

Section 39 of Stamp Duties Act 1939 is about Provisions for use of adhesive stamps on bills and notes. It provides as follows:

(1) The fixed duty of two kobo on a bill of exchange, payable on demand or at sight or on presentation or within three days after date or sight, may be denoted by an adhesive stamp, which, where the bill is drawn in Nigeria, shall be cancelled by the person by whom the bill is signed before he delivers it out of his hands, custody, or power.

(2) The ad valorem duties upon bills of exchange and promissory notes drawn or made out of Nigeria are to be denoted by adhesive stamps.