Stamp Act, 1899 — section 58

58. SETTLEMENT.—A—Instrument of (including a deed of power)

(i)where the settlement is made in favor Two percent of the value of legal heirs in respect of agriculture of the property. land

(ii)Where the settlement is made for a Two percent of the sum religious or charitable purpose: equal to the amount or value of the property settled.

(iii)in any other case Two percent of the consideration equal to the amount or value of the property settled: Provided that, where an agreement to settle is stamped with the stamp required for an instrument of settlement, and an instrument of settlement in pursuance of such agreement is subsequently executed, the duty on such instrument shall not exceed four rupees: Provided further that where an instrument of settlement contains any provision for the revocation of the settlement, the amount or value of the property settled shall, for the purposes of duty, be determined as if no such provisions were contained in the instrument. EXEMPTIONS:—Deed of dower executed on the Two percent of the occasion of marriage between Muslims. consideration equal to B—Revocation of— the amount or value of See also TRUST (No.64) the property concerned as set forth in the instrument of revocation. 59. SHARE WARRANTS to bearer issued One and a half times the under the Companies Act, 2017 (XIX of 2017). duty payable on a Debenture [No.27 ] for a consideration equal to the nominal amount of the shares specified in the warrant. EXEMPTIONS: Share warrant when issued by a company in pursuance of the Companies Act, 2017 (XIX of 2017), to have effect only upon payment, as composition for that duty, to the Collector of Stamp revenue of

(a)one and a half per centum of the whole subscribed capital of the company; or

(b)if any company which has paid the said duty or composition in full subsequently issues an addition to its subscribed capital—one and half per centum of the additional capital so issued. SCRIP—See CERTIFICATE (No.19). 60. SHIPPING ORDER for or relating to the Five rupees conveyance of goods on board of any vessel.