Section 17

in consideration, wholly or in part, of any debt or of any stock or marketable security; 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, the instrument of transfer shall be chargeable with ad valorem duty calculated at the rates specified under Item 32(a), (aa) or (ab) in the

First Schedule upon either the value of the debt, stock or marketable security, as the case may be, or the market value of the property as on the date of execution, whichever be the greater.

Where the consideration, or any part of the consideration, for a transfer of property consists of any security other than a marketable security, the instrument of transfer shall be chargeable with ad valorem duty calculated at the rates specified under Item 32(a), (aa) or (ab) in the

First Schedule upon either the amount due upon the security for principal and interest or, in the case of a security given under a scheme of financing made according to the syariah, any sum due and payable in addition to the principal, or upon the market value of the property as on the date of execution, whichever be the greater.

A conveyance on sale made for any consideration in respect whereof it is chargeable with ad valorem duty, and in further consideration of a covenant by the purchaser to make, or of his having previously made, any substantial improvement of or addition to the property transferred to him or of any covenant relating to the subject-matter of the transfer, is not chargeable, and shall be deemed not to have been chargeable, with any duty in respect of such further consideration.