Finance Act, 1952
|
PART IV. Stamp Duties. | ||
|
Amendment of section 13 (4) of Finance (No. 2) Act, 1947. |
18.—(1) Subsection (4) of section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), shall have effect and be deemed always to have had effect as if the word “or” were not contained therein at the end of paragraph (e) and the following paragraphs were contained therein after paragraph (f): | |
“(g) a body corporate not having a share capital incorporated in the State after the 15th day of October, 1947, where— | ||
(i) a majority (or, in the case of such a body corporate incorporated by Act of the Oireachtas, at least one-half) of the members of the body corporate is composed of persons each of whom is within one of paragraphs (a) to (f) of this subsection, and | ||
(ii) a majority (or, in the case of such a body corporate incorporated by Act of the Oireachtas, at least one-half) of the persons exercising control and management of the body corporate is composed as aforesaid, or | ||
(h) a body corporate incorporated in the State after the 15th day of October, 1947, where the issued shares of each class are, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons each of whom is within one of paragraphs (a) to (g) of this subsection.” | ||
(2) A reference in any statutory provision (other than this section) to paragraphs (a) to (f) of subsection (4) of section 13 of the Finance (No. 2) Act, 1947 , shall be construed as a reference to paragraphs (a) to (h) of that subsection as amended by subsection (1) of this section and a body corporate shall not, for the purposes of any enactment relating to stamp duty, be deemed to have ceased to be a body corporate within paragraph (f) of that subsection merely because the beneficial ownership of any of its shares has become vested in a body corporate within paragraph (f) or (g) of that subsection as amended by subsection (1) of this section. |