Section 8
fluu,is or ollzcr scctmlics 1ssued ott loans -(1) Notwiths1anding anything contained in this Act, any local authority raising a Joan under the provi'iions of any law for the time being in force, by the issue of bonds or other securities other than debentures, shall, in respect of such loan, be chargeable with a duty of one per centum on the total amount of the bonds, or other securities issued by it, and such bonds or other securities need not be stamped and shall not be chargeable with any further duty on renew at, consolidation, sub ·division or otherwise.
8. fluu,is or ollzcr scctmlics 1ssued ott loans -(1) Notwiths1anding anything contained in this Act, any local authority raising a Joan under the provi'iions of any law for the time being in force, by the issue of bonds or other securities other than debentures, shall, in respect of such loan, be chargeable with a duty of one per centum on the total amount of the bonds, or other securities issued by it, and such bonds or other securities need not be stamped and shall not be chargeable with any further duty on renew at, consolidation, sub ·division or otherwise.
(2) The prov1sxons of ~ub section (1) exempting ccrtaln bonds, or other securities from being stamped and from being chargeable w1th r.ertain further duty shall apply to the bonds or other securities other than debentures of all outstanding loans of the kind mentioned 1berein, and all such bonds or other sec1rities shall be valid, whether the same are stamped or not.
(3) In the case of wJiful neglect to pay the duty required by this the local authority shall be liable to forfeit to the Government a sum equal to ten per centum upon the amour.t of duty payable, and a like penalty for every month after the first month during which the neglect continues.