Amendment status not verified — confirm the current text below against the official source.
Instruments reserving interest.—Where interest is expressly made payable by the terms of an instrument, such instrument shall not be chargeable with duty higher than that with which it would have been chargeable had no mention of interest been made therein. . 1[23-A. Certain instruments connected with mortgages of marketable securities to be chargeable as agreements.—(1) Where an instrument (not being a promissory note or bill of exchange)— (a) is given upon the occasion of the deposit of any marketable security by way of security for money advanced or to be advanced by way of loan, or for an exiting or future debt, or (b) makes redeemable or qualifies a duly stamped transfer, intended as a security, of any marketable, security. it shall be chargeable with duty as if it were an agreement or memorandum of an agreement chargeable with duty under Article No. 5 (c) of Schedule |, (2) A release or Jischarge of any such instrument shall only be chargeable with the like duty. 2(24. How transfer in consideration of debt, or subject to future payment, etc., to be charged.—(1) Where any property is transferred to any person in consideration, wholly or in part, of any debt due to him, or subject either certainly or contingently to the payment or transfer of any money or stock, whether being or constituting a charge or incumbrance upon the property or not, such debt, money or stock is to be deemed the whole or part, as the case may be, of the consideration ‘(and the transfer is chargeable ad-valorem with duty, in respect of the said consideration or the market value of the property transferred, whichever is higher] . Provided that nothing in this section shall apply to any such certificate of sale as is mentioned in Article No, 18 of Schedule I.