19. Certain contracts to be chargeable as conveyances on sale

Any contract or agreement made in Brunei Darussalam under seal or under hand only, for the sale of any equitable estate or interest in any property whatsoever, or for the sale of any estate or interest in any property except lands, tenements, hereditaments, or heritages or property locally situate out of Brunei Darussalam or goods, wares or merchandise or stock or marketable securities, or any ship or vessel or part interest, share or property of or in any ship or vessel, shall be charged with the same ad valorem duty, to be paid by the purchaser, as if it were an actual conveyance on sale of the estate, interest, or property contracted or agreed to be sold.

When the purchaser has paid the said ad valorem duty and before having obtained conveyance or transfer of the property, enters into a contract or agreement for the sale of the same, the contract or agreement shall be charged, if the consideration for that sale is in excess of the consideration for

When the duty has been duly paid in conformity with the foregoing provisions, the conveyance or transfer made to the purchaser or sub-purchaser, or any other person on his behalf or by his direction, shall not be chargeable with any duty and the Collector, upon application, either shall denote the payment of the ad valorem duty upon the conveyance or transfer, or shall transfer the ad valorem duty thereto upon production of the contract or agreement, or contracts or agreements, duly stamped.

Provided that when any such contract or agreement is stamped with the fixed duty of $10 or $1, the contract or agreement shall be regarded as duly stamped for the mere purpose of proceedings to enforce specific performance or recover damages for the breach thereof.

Provided also that when such contract or agreement is stamped with the said fixed duty and a conveyance or transfer made in conformity with the contract or agreement is presented to the Collector for stamping with the ad valorem duty chargeable thereon within the period of 6 months after the first execution of the contract or agreement, or within such longer period as the Collector may think reasonable in the circumstances of the case, the conveyance or transfer shall be stamped accordingly, and the same and the said contract or agreement, are deemed to be duly stamped. Nothing in this proviso shall alter or affect the provisions as to the stamping of a conveyance or transfer after the execution thereof.

Provided also that the ad valorem duty paid upon any such contract or agreement shall be returned by the Collector in case the contract or agreement be afterwards rescinded or annulled, or for any other reason be not substantially performed or carried into effects so as to operate as or be followed by a conveyance or transfer.