(l) Any person executing or signing otherwise than 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 of any instrument under section 31, section 39 or section 59, the amount of such penalty <>hall be allowed in reduction of the fine, if any, subsequen1ly imposed under this section in re~pect of the sam~ 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 when it is issued, is the managing director or secretary or other principal officer of the Company, shall be punishabl!' with fine which may extend to five hundred rupees.