(1) Any person executing or signing otherwise that as a witness any instrument chargeable with duty, without the same being duly stamped shall for every such offence be punishable with fine which may extend to five hundred rupees.

Provided that when any penalty has been paid in respect on any instrument under section 34, section 39 or section 59, the amount of such penalty shall be allowed in reduction of the fine, if any, subsequently imposed under this section in respect of the same instrument upon the person who paid such penalty.

(2) If a share warrant is issued without being duly stamped, the Company issuing the same, and also every person who, at the time it is issued, is the Managing Director or Secretary or other principal officer of the Company, shall be punishable with fine which may extend to five hundred rupees.