Section 78 Stamp Duties Act

Section 78 of Stamp Duties Act 1939 is about Marketable security transferable on delivery to be stamped on execution. It provides as follows:

(1) A marketable security transferable on delivery (not being a foreign security or a Commonwealth Government Security made or issued out of Nigeria) shall be stamped on or before the issue or first execution thereof,and a foreign security or a Commonwealth Government Security made or issued out of Nigeria shall be stamped before being dealt with in the manner specified in section 75 (b) (ii) and (iii) of this Act.

(2) Any person who contravenes the provisions of this section shall be guilty of an offence and shall be liable on conviction to a fine of forty naira.