Sub,ect to the provisions of this Act and the exemptions contained in the Sclz:drt!~, the follow ing instruments shall be chargeable with duty of the amount 12B incHcated in that Sclzedule as the proper duty therefor, respec· tivcly, that iii to say-
(a) every instrument mentioned in the Sclzcdule which, not having been previously executed by any person, is executed in the territories of the State of K erala on or after the commence ment of this Act; and
(b) every instrument mentioned in that Schedule which, not having been previously executed by any person, is executed out of the State of Kerala on or after that day, relates to any property situate, or to any matter or thing done or to be done, in the territories of the State of Kerala and is received in the -....
territories of the State of Kerala: '
Provided that no duty shall be chargeable in respect of
(1) any instrument, executed by, or on behalf, of or in favour of, the Central Government or this or any other State Government, in cases where, but for this exemption, the Central Governruent or the State Government, would be liable to pay the duty chargeable in respect of such instrument;
(2) any instrumennt for sale, transfer or other disposition either absolutely or by way of mortagage or otherwise of any ship or vessel or any part, interest, share or property of or in any ship or vessel.
4. Scvfl• al i11slnllnen/s II Sid 111 siugle lrmzsnclion of sale mortgage or selllemcnt-(1) \Vhere, in the case of any sale, mortgage or settlement, several instrument~ are employed for completing the transaction, the principal -instrument only shall be chargeable with the duty prescnbed in the Schedule for the conveyance, mortgage, or settlement, and each of the other instruments shall be chargeable with a duty of two rupees instead of the duly, if any, prescribed for it in the Sclzcdz1lc.
(2) The parties may determine for themselves which of the instruments ~o employed shall, for the purpose of sub section (1), be deemed to be the principal instrument:
Provided that the duty chargeable on the instrument so determined shall be the hi~hest duty which would be chargeable in respect of any of the said instruments employed,