Section 56: Penalty for executing instrument not duly stamped

(1) Any person who- (a) draws, makes, issues, endorses or transfers or signs, otherwise than as a witness, or presents for acceptance or payment, or accepts, pays or receives payment of, or in any manner negotiates a bill of exchange, cheque or promissory note without it being duly stamped; (b) executes or signs, otherwise than as a witness, any other instrument chargeable with duty without it being duly stamped; or (c) votes or attempts to vote under a proxy not duly stamped, commits an offence and is liable, on conviction, to a fine not exceeding one hundred currency points or to imprisonment for a term not exceeding six months, or both. (2) Where a share warrant is issued without being duly stamped, the company issuing it, and every person who, at the time when it is issued, is the managing director or secretary or other principal officer of the company, commits an offence and is liable, on conviction, to a fine not exceeding one hundred currency points.