(1) An agreement for a lease, or with respect to the letting of any lands or tenements for any term, is to be charged with duty under item 12 of the Second Schedule as if it were an actual lease made for the term and consideration mentioned in the agreement.

(2) A lease made subsequently to and in conformity with an agreement referred to in subsection (1) shall not be liable to duty and the Commissioner shall, on production to him of that agreement, duly stamped, denote on that lease the duty paid on that agreement, whereupon that lease shall be deemed to be duly stamped.

[Section 77 amended by No. 113 of 1965 s. 8(1); No. 37 of 1979 s. 57.]